In November, Feldman listed his penthouse at the Marquand condominium for $39 million. Investor Type Individual/Angel. HFZ Capital Group Douglas Elliman, which handles sales at the project, has tried, unsuccessfully, to sell units in bulk at a discount. Not even Meir and HFZs lender, the UK-based Childrens Investment Fund, is spared Feldmans wrath. With creativity and profitability working in tandem, neighborhoods form where there were none, forsaken landmarks regain their lost luster and aesthetically arresting towers rise to halo the worlds greatest city as one whose sights are firmly fixed on aradiant future. It compares Meir to Bernie Madoff, disgraced attorney Marc Dreier and convicted former health care executive Richard Scrushy. Rather than legitimate business expenses, the suit said Meir spent hundreds of thousands of dollars if not millions on investment-grade wine. Now, it is HFZ in the crosshairs. New York, New York, United States View. The complaint calls Meir a sociopath 17 times, accusing him of driving HFZs $2 billion XI condo project into the ground and keeping Feldman in the dark about its problems. Zie l received a Bachelor's Degree degree from University of Oxford Queens College and a Law degree from Cardozo Law School. Abrahami wants the court to enforce a so-called good guy guarantee, signed in September 2020 by Feldman and Meir, making them personally liable for the loan. But now, with the principal on the loan coming due in a year and signs pointing to HFZ not being able to pay it, Childrens is looking for a developer to replace HFZ on the project, according to two people familiar with the matter. By enabling visionary design and inventive finance, HFZ has become amagnet for the worlds top design talent, and is synonymous with agrowing number of firsts. Top HFZ Capital Group Employees Christophe Lagrange Managing Director - Acquisitions and Asset Management. As aresult, HFZ is presently managing more than $10 billion worth of development, including more than 6million square feet and 2,500 residential units throughout Manhattan. The legal troubles continue for HFZ Capital Group's Ziel Feldman and its former principal Nir Meir: Another lender has sued the developer and his one time colleague, accusing the pair of fraud . All of our staff are trained by the renowned Forbes training guide to provide the ultimate level of luxury, and customer service.Comprised of an executive team that synergizes up-to-the-moment innovation with decades of experience, HFZ Property Management LLC has established itself as an industry bellwether. Construction should be buzzing at the XI, the pair of dancing towers in West Chelsea where HFZ hopes to sell more than $2 billion worth of condos. 1 propertymg.com; 3 917609XXXX; 201816XXXX; 212610XXXX; View Similar Profiles. E-commerce retailer Michael Rubin is the buyer of a $50 million Hamptons mansion sold last month by HFZ Capital Group's Ziel Feldman. And then theres Donald Trump. Childrens declined to comment. Feldman founded HFZ in 2005, focusing on converting pre-war Manhattan rental buildings into high-end condominiums. There appear to be two possible outcomes for Feldman: Suffer huge losses and take the reputational hit for biting off more than he could chew, or turn things around and emerge as one of real estates great survival stories. He had been part of an investment group that had paid just $15 million for the property in 1994. Founded in 2005 and based in Manhattan, HFZ Capital Group brings together unblinking foresight, fearless creativity and unwavering financial acumen in world class developments designed to make markets and shape cities. No credit card required. HFZ Capital and the Ugliest Divorce in Manhattan Real Estate - Curbed Ian Schrager, who partnered with HFZ on his Public Hotel and condo project on the Lower East Side at 215 Chrystie Street, said Feldman and Meir are just victims of the market and the pandemic. The message to the HFZ Capital Group managing principal was from Adam Gibbons, an executive at CIM Group. 2023 Personal Tax Guide. August 20, 2021. HFZ did not give a reason for his departure at the time, but in the lawsuit said he was terminated when the extent of his malfeasance for his personal benefit came to light. It seemed the $2.3 million HFZ owed had been wired. E-commerce retailer Michael Rubin is the buyer of a $50 million Hamptons mansion sold last month by HFZ Capital Groups Ziel Feldman. (HFZ has maintained it has no involvement with Steinmetz or his companies.). Ziel Feldman In October, Feldman sold his 22-room, chateau-style mansion in Englewood, New Jersey, after nine years on the market. After two decades without a ratingsystem in Israel, at the end of 2012 an international tender for hotel ratingwas published. How HFZ Capital Group went from rescuing flops to becoming one | Crain The firm alleges that HFZ defaulted on loan payments for the Manhattan building the Chatsworth, the Real Deal . (Elliman is a subsidiary of Howard Lorbers Vector Group, which through its investment arm New Valley has a stake in the XI. The project currently has a number of challenges and needs to be recapitalized and restructured, an HFZ spokesperson said. The complaint comes after TCI scheduled a foreclosure auction to take control of HFZs ownership stake in the XI, a mixed-use development on the High Line. New York City Real Estate HFZ Capital Group Interview Ziel Feldman The complaint quotes a line from Ray Liottas character in the movie Goodfellas, comparing the hedge fund to gangsters who burn down a restaurant once theyve extorted everything they can from it. Former AG Eliot Spitzer used it frequently to investigate Wall Street, as did his successor Eric Schneiderman. No credit card required. Beleaguered developer HFZ Capital Group and its leader, Ziel Feldman, are on the hook for more than $136 million to the lender on the company's struggling luxury condominium, The XI, a judge has . HFZ Capital Group is a Manhattan-based real estate investment and development company formed in 2005. We are the ones out there, acting in good faith and trying to deal with these issues. He said Meir believes HFZ owes him in excess of $25 million based on participation in development deals. Ziel Feldman is the Founder and Principal of HFZ Capital Group. From left: Craig Cogut, Helene Feldman, Zeil Feldman, Alicia Goldstein, Es Devlin, Nir Meir and Bjarke Ingels attend the opening of the XI Gallery in April 2018. You are subjecting your financial life to the scrutiny of all sorts of different things, said Andrew Ittleman, an attorney at the Miami-based law firm Fuerst Ittleman David & Joseph who focuses on white-collar crime and money laundering, commenting generally and not about HFZ. Two years later, HFZ scored a $1.25 billion condo construction loan from the Childrens Investment Fund, a U.K.based hedge fund with a reputation for high-interest financing. The plan was to convert the buildings 88-90 Lexington, the Astor at 235 West 75th Street and 301 West 53rd Street to condos. Leveraging HFZs wide-ranging experience across the real estate and development spectrum, the company has entered into several corporate level partnerships in order to further broaden its holdings and offerings across multiple strategies and asset classes. In December, a judge halted the foreclosure sale. Property and the pandemic: the great reckoning that never seems to The Real Deal on Instagram: "Ziel Feldman has listed his Upper East A spokesperson for Attorney General Tish James confirmed the office received the complaint, but declined to comment further. In 2018, Westbrook converted that debt position into equity. HFZ accuses former executive of looting the struggling company | Crain million verified professionals across 35 million companies. An $89.5 million slice of junior mezzanine debt tied to projects by Ziel Feldman 's HFZ Capital Group will be sold at a public auction on Nov. 12, according to brokerage Newmark Knight Frank . "When the market crashed, I started seeing opportunity," Feldman told Crain's in 2013. A successful value-generating development goes way beyond the edifice. Meir filed a countersuit in January, claiming he owned 95 percent of the property, and accusing Monroe and HFZ of scheming to fraudulently transfer the property to reduce Feldmans debt. It is a full city block and had long been used as a parking lot between . All New York developers worth their salt have at least one comeback in them. Beyond their relative value per square foot versus new construction, when refreshed, these venerable properties have the power to become an enduring part of the community and the citizenry of the city in awhole newway. Bankruptcy could also force Feldman to relinquish control of the company. Up to 5 Even in a hot sector, HFZs luck has gone cold. The sale of Feldmans manse comes as his firm grapples with lawsuits alleging unpaid bills and defaulted loans at its condo projects. Michael Rubin is mystery buyer of $50M Hamptons mansion - Page Six Please call me. Ziel Feldman is the Chairman and Founder of HFZ Capital Group, a Manhattan-based real estate investment and development company formed in 2005. HFZ obtained its interest in the buildings in a partnership with Westchester, New York-based industrial investment firm Reich Brothers. The allegations against HFZ and its lenders claim Feldman and Nir offered investors units in their development projects in exchange for capital contributions before HFZ had submitted its offering plans to the AGs office. It was the one of the largest debt packages of the cycle. Read More Our Personal Tax Guide highlights tax planning ideas that may help you minimize your tax liability. Just as CIM alleged that Meir lied about sending payments, Starwood alleges the HFZ principal claimed to have sent two separate wire transfers to fund overdue payments that never materialized. Over the past 18 months, Feldman's firm, HFZ Capital Group, has been . The new filing brings TCI into the mix, arguing that the hedge fund went along with Meirs alleged misuse of project funds on the XI and willfully ignored its due diligence duties because, HFZ argues, the lender knew that if the project went bust it could snap it up in foreclosure at a rock-bottom price. But by early December, work at the development site was suspended. HFZ Capital Group. HFZ Capital Group. This month, HFZ lost a portfolio of 12 last-mile warehouse properties in a UCC foreclosure auction. With complete vertical integration and ateam with decades of experience in investing and executing on opportunities across the real estate spectrum, HFZ has the ability to act quickly and decisively when evaluating new opportunities.With assessment and mitigation of risk as akey guiding principle in formulating our strategy and business plan, HFZ boasts atrack record demonstrating success in both sourcing and executing on new opportunities throughout each point in amarket cycle.Investment Criteria Investment description: Seeking yields commensurate with opportunistic and value-add investment strategies. Asset classes: Residential, hotel, office, retail, sports and entertainment. Project type: Ground-up development as well as renovation of existing buildings; master planning opportunities. Geography: Focused on all major urban markets throughout the United States (current projects located in New York, Miami, San Francisco, Detroit, Philadelphia, Chicago and New Jersey). Theyre seeking to blame him as a scapegoat and we wont tolerate it, said Meirs attorney, Larry Hutcher. With his signature project slipping from his control, HFZ Capital Group's Ziel Feldman is slinging some mud. The desirable and daring momentum of each successive accomplishment infuses the city with new energy and lifts it to new heights. HFZ is . inherited a nearly complete but stalled tower. (The lender would need to file a foreclosure action or get HFZ to agree to work with another developer, according to a lawyer with experience in this area.) New Properties Partnership Bets Big On Legacy Manufacturing Sites - Forbes Ziel Feldman, Hfz Capital Group: Profile and Biography By Vivian Marino. In 2012, the company teamed with Related Companies and CIM to take control of One Madison Park, a 600-foot-tall, 53-unit condo project in the Flatiron District. Hamptons Hot . In 2015, Schneiderman used the Martin Act to reach an agreement with architect-turned developer Peter Moore, who had been accused of offering syndications in a Tribeca condo development at 39 Lispenard Street some time in 2011 before filing his proper paperwork with the AGs office. With an expertise in a broad range of real estate disciplines, including underwriting, analytics, structured finance, investment, development, construction and asset management, HFZ . EisnerAmper LLP is a licensed CPA firm that provides attest services, and Eisner Advisory Group LLC and its subsidiary entities provide tax and business consulting services. The lender has already held talks with at least one prominent New York developer about getting the project over the line, the people added. At the XI, HFZ was mostly silent on sales activity, a common tactic among developers as they are not legally required to publish contract information. View Ziel Feldman's profile on LinkedIn, the world's largest professional community. An equal focus on construction and preservation allows the continual development of attainable luxury properties that carry asense of history in arange of livable neighborhoods. Running out of time.. HFZ Capital Group Chairman and Founder Ziel Feldman shares his secret to maintaining a healthy work/life balance. Still, word spread that deals were slow. In 2018 he paid more than $40 million for a downtown Manhattan penthouse at 160 Leroy Street, a record price for below 14th Street. New York, New York, NY, United States, US, View Its just unfortunate that [Feldman] got caught in this perfect storm of the pandemic and being very long on condominium development., I wouldnt bet against Ziel, Schrager added. Fanatics mogul Michael Rubin is the mystery buyer of a $50 million Bridgehampton mansion previously owned by HFZ Capital Group founder Ziel Feldman, Page Six can exclusively reveal. HFZ Capital Group is the developer of the 908,250-square-foot project, while Omnibuild is in charge of the ongoing construction at 76 Eleventh Avenue. That month, Feldman took over day-to-day management of the development firm. In November, HFZ sued CIM in a bid to stop foreclosure proceedings on the portfolio where CIM had provided about $90 million in mezzanine debt. Four Manhattan Projects of Ziel Feldman's HFZ Capital Group Face The developer has been slammed by foreclosures and lawsuits from lenders, including CIM Group, which seized control of four condo projects last month. Meir has been described as aggressive even by New York developer standards. (, We had a little tiny office with no heat and Home Depot card tables for desks,, HFZ had purchased the four-building parcel, totaling nearly 750 rental units, from Westbrook Partners in 2013 for $610 million.