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Witkoff, Blavatnik Acquire Note on Massive Chelsea Condo Project
Steven Witkoff and Len Blavatnik’s Access Industries have purchased the $900-million defaulted note for the “Twists” tower project in Chelsea from the Children’s Investment Fund. The 900,000-square-foot project, located at 76 Eleventh Ave. is known as XI.
The New York Post reported that Witkoff and Blavatnik acquired the note on the bankrupt, $2-billion residential condominium project at a public debt auction. Work on XI stopped more than two years ago, prior to the onset of the pnademic.
Industry sources said Cushman & Wakefield’s Adam Spies, Doug Harmon, Adam Doneger and Rachel Humphrey marketed the note and ran the UCC auction. Cushman & Wakefield declined to comment.
Witkoff said in a statement that the Witkoff Group/Blavatnik partnership has deep experience in developing large projects in Manhattan. The developer plans to relaunch construction shortly, and the project’s new plans call for a public plaza with access to the High Line.
- ◦Sale/Acquisition
- ◦Development
