How many XI sales so far?

I just noticed that the listings in this building say "SALES LAUNCH DATE
Sep 2018" (which I don't think is correct based on the information provided above) rather than the usual "Days on Market." Are there other new construction buildings which have this same thing? As I have pointed out before, for a new construction building every unit is on the market the minute the offering plan is accepted, so I think I actually agree with this methodology.

Also, it looks like only 13 units have entered contract? Does anyone have any better information? Because I think 13 units in 10 months for a 236 unit building indicates a 15-year sellout pace.

Citation for sales office opening (so it looks like it's actually 11 months at this point):

https://www.cityrealty.com/nyc/market-insight/features/future-nyc/the-xi-debuts-incredible-sales-gallery-hudson-river-high-line-facing-condos-28m/17121

I have noticed other new development buildings listed as 'launch date September'.

Keith

So, they overpaid for land relative to current prices (which may come down further as no one wants to starts a new development right now) by $300 per sq ft buildable. With carry for 4 years, by $400. For liquidity point of view, they do have the hotel which will help tremendously.

https://therealdeal.com/issues_articles/hfz-capital-ziel-feldman-the-xi/amp/

Btw, this development is a perfect example of over-priced new development (I am sure pricing has already been reduced 10-15 percent from developer’s initial estimates) which can come down another 20 percent and still will be around $3k per sq ft average.

30, did i miss something? Where does it show 'units in contract'? Are you referring to the 13 'no longer available' units?

Yes I am referring to the no longer available. They obviously aren't sold and closed. Or do you think those 13 are just taken off the market and not in contract?

I believe those are taken off the market which happens quite often.

So you think there are 0 in contract?

I do not think the sponsor wants to share that info.

They should include 10 free helicopter taxis to JFK :)

This is what we got

https://www.urbandigs.com/building/76-eleventh-avenue/

I don't know how many but i see this a lot. Usually they relist at much later date or list an entirely different unit with similar size/$ which is what it looks like to me. to be fair 4th Quarter might not be best time to launch super lux product.

But they launched April 24, 2018. Feldman has been quoted as saying his billion dollar lenders are patient, but if they have actually sold zero in almost a year on the market (which I don't believe because he has to have at least a couple of friends who are good for fake sales) the are not going to be patient forever. I think it's a big mistake not to sell at whatever the market can get you because I don't see the market for this product improving any time soon. Look at 520 West 28th St - how long it's been on the market and still have units left) as well as Hudson Yards, etc.

I read an article on the building in which they quoted Leonard Steinberg, he said compass had two units in contract. Can't remember how old the article is.

30, How much of a price cut is needed in your opinion to move 520 West 28th units - say 3 lowest $ priced one - in 3 months?

I would have to do more research than I feel like doing to give you a good answer to that, but as a rough guess if you got the ask on #12 down below $4 million to just over $2,300/SF you'd have a decent shot at it.

I agree as it is a low floor with no view of any type. So appx 15 percent down from the list.
https://streeteasy.com/building/520-west-28th-by-zaha-hadid/12?context%5Bcontroller%5D=%23%3CBuildingController%3A0x000055e2ed918fb8%3E&context%5Bcurrent_user%5D=1004028&hide_if_empty=true&section=sales

Met someone from the sales team at XI. She had no comment on number of units in contract but there appear to be “a few”; I believe they are not posting units in contract on SE...a number of developers are doing this now.

What I am hearing is that they are also not willing to budge much on pricing and prefer to wait out the storm for now. My guess is they think the hotel will keep them afloat while the markets adjusts.

Rock, Thank you for the info. The same developer did offer discounts at Belnord late last year but now they are not offering the same discounts as they did in December.

Another thank you for the update. I find it hard to believe that the hotel would be able to carry the entire project. I also think it's going to be a while before the market finds those prices palatable.

https://therealdeal.com/2019/06/05/new-zealands-richest-man-buys-condo-at-ziel-feldmans-the-xi/

This unit has been on SE for over 3 months and only been saved by 8 users:
https://streeteasy.com/building/the-xi/8d

PS to 300,
https://streeteasy.com/sale/1388868

Thank you. We are both a little optimistic by $100-150k. $3.8mm seems fair.

only 20% down, looks like they are doing extremely well

https://thecity.nyc/2019/12/gambino-mob-looted-towers-rising-along-the-high-line-feds-allege.html

This helps explain the prices.

I guess they had originally expected to sell out by now. Something tells me they haven't.
https://therealdeal.com/2020/08/26/hfz-sued-for-not-vacating-xi-sales-gallery-and-stiffing-ny-times/

2 years on the market, 16% sold.
https://therealdeal.com/2020/09/23/hfzs-chelsea-condo-now-effective-with-16-of-units-sold/

Always the pessimist, 30yrs. They are now effective!

Somehow I doubt the hotel has been as helpful to their cash flow as they hoped.

inonada,
Yes, so now those in contract face the prospect of being forced to close in a building which is still 84% owned by a Sponsor who is defaulting on projects. Great news.

what are the implications of being forced to close and closing in a building which has sold so poorly? could your own investment go underwater?

If the city rent their hotel space to host the homeless, they will have enough cash flow to survive