Billionaire Len Blavatnik Takes Control of Troubled NYC Condo Project
- Development near High Line purchased in a foreclosure sale
- Work was stalled as builder HFZ faced mounting financial woes
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Billionaire Len Blavatnik is taking control of a stalled Manhattan condo project after the developer, HFZ Capital Group, ran out of money.
Blavatnik’s Access Industries and the Witkoff Group bought the property -- at 76 11th Ave. near the High Line park in Chelsea -- in a foreclosure sale Thursday. Terms of the deal weren’t disclosed. The partnership previously acquired the debt on the project.