As much as the rest of us!
Those courtyard facing units look pretty dark.
I have been watching the progress of the facade (curtain wall) installation with great interest a few months ago; and then work suddenly stopped half way up the side of one of the two buildings. There has not been any progress in months.
I saw today in another thread that the HFZ real estate development company is having financial troubles, and hence not paying the builders: I believe this is an HFZ project - if so, that explains the apparent stop in the work.
I thought maybe there was some sort of construction detail issue, or perhaps material shortage; now I know better if this is in fact an HFZ jointâŚ
A spokesperson for HFZ sent the following statement: âHFZ is pleased to announce that its founder Ziel Feldman has returned to the day to day management of the company. Mr. Feldman will assume the responsibilities of Nir Meir, who is no longer with the company.â
The incident comes as HFZ, one of New Yorkâs most prominent condominium developers and owner of a large nationwide portfolio, is engaged in multiple conflicts with its lenders and investors across several projects.
paywall, but i guess the title says it all
I welcome anything that will preclude that heinous tower on 29th and 5th from rising.
From Realdeal -
The Zeckendorf brothers are mulling a takeover of HFZ Capital Groupâs struggling $2 billion XI development in West Chelsea.
HFZ said in a December letter to subcontractors that it was in the process of working with Zeckendorf Development and Suffolk Construction on a âa detailed analysis of what work is left to finish for this project,â Crainâs reported.
âYou are hereby directed by ownership to fully cooperate and provide any documentation and information to Zeckendorf Development and Suffolk Construction and any of their consultants to achieve this goal,â read the letter, âas well as make yourself available for any meetings as may be required.â
A representative for HFZ, however, denied it was in talks with Zeckendorf.
âThere are no such ongoing conversations with HFZ,â Interim Chief Operating Officer William Henrich told Crainâs.
The Bjarke Ingels-designed project is the largest for Ziel Feldmanâs HFZ, which is struggling to maintain control of its portfolio as lenders move to foreclose on various properties. Its lender on the XI, the Childrenâs Investment Fund, this week filed a complaint alleging HFZ was behind on $160 million in payments. The hedge fund provided the developer with a $1.25 billion loan for the project â a [236-unit condo] and 137-key hotel â in 2017.
The stress has [taken its toll] on the firm. HFZ last year laid off about 30 employees and managing partner Nir Meir recently abruptly left the company.
Look at how fast the Heatherwick project or the Stern project have been constructed. I bet if HFZ picked a less radical design and architect theyâd be in a much better position.
And then why even hire Ingels to design a cheap looking boxy tower next to the ESB? Completely backwards thinking.
Good points. This BIG design is both ART and Architecture: it is transcendent, it is iconic. I agree that a more basic âbuilding standardâ project would have been far less costly than this âradical designâ - and therefore a much more profitable project as a real estate investment.
I hope to see this become a success story; a case where doing great architecture is BOTH profitable for the developer, and also be something that will beautify the city.
It seems great architecture is becoming something that only a patron-of-the-arts can afford to do given the enormous cost of doing something âradicalâ.
Then thereâs this: the mob was involved in this project.
and laundering money by issuing checks for construction work that CWC never actually completed.
they should rename it the RICO
The subject of corruption, mismanagement and general incompetence in the NYC construction is something I choose to selectively avoid on these forums.
I have been working in the NYC Construction Industry for over 40 years: the stories I could tell.
There are a lot of âbad actorsâ in this particular market sector, more so than most, but plenty who are doing the right thing and doing good work.
BIG did great design work for this project; the real estate development, financing, and construction aspects are not things the Architectural Designer has much awareness of, or control over.
We the public will never really know what is going on âbehind the scenesâ and news like this interesting: but can only be take as âhearsayâ evidence gleaned from social media - we will never KNOW.
I agree with most of what you said, but the article I posted is reporting on an actual court case, not âsocial mediaâ rumors.
Andrew Campos, the owner of CWC and a Gambino family captain, pleaded guilty to racketeering conspiracy and faces up to 20 years in prison