Record Sale Marks Turnaround for Striking Manhattan Towers

The sale of Penthouse 36 at One High Line, the pair of 402- and 302-ft-tall twisting towers designed by Bjark Ingels Group (BIG) at 500 West 18th Street in Chelsea, Manhattan, NY, near the High Line, for a record-breaking US$47 million signals a turnaround for a property once viewed as symbol of overzealous development, The Real Deal recently reported. The project was originally developed as XI by HFZ in 2014, then went unfinished and into foreclosure as a result HFZ’s unpaid debts. The Witkoff Group and Access bought it in 2021 for US$900 million and accelerated construction, buoyed by US$1.15 billion in refinancing. The Penthouse 36 sale is the most expensive closing in downtown Manhattan in 2024, and follows sales of the four other penthouses — each for more than US$24 million. One High Line’s elevator system was provided by TK Elevator (TKE), which tells ELEVATOR WORLD the system includes eight gearless elevators with TKE’s TAC32T controllers.