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New York & Tri-State  + Downtown New York  + Distressed Assets  | 
76 Eleventh Avenue XI Chelsea

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. 

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition
  • ◦Development
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