New York, New York, NY, United States, US, View Get contact details including emails and phone numbers Mr. Feldman, 54, is the founder and managing partner of the HFZ Capital Group, a real estate development and investment company that he formed in 2005 . Ziel has 1 job listed on their profile. I was one of the only ones buying in 2009 when nobody else was buying and they were hunkering under their pillows wondering when the world was going to end, he said, referring to an acquisition spree in the thick of the Great Recession. (business & personal). By Rich Bockmann. Meir has been described as aggressive even by New York developer standards. With an expertise in a broad range of real estate disciplines, including underwriting, analytics, structured finance, investment, development, construction and asset management, HFZ capitalizes on development and investment opportunities both in the U.S. and abroad and Find contact details for 700 million professionals. Law360 (March 24, 2021, 5:15 PM EDT) -- A subsidiary of a Maryland-based real estate investment company is seeking nearly $49 million in damages from HFZ Capital Group, claiming . HFZ Capital Group Chairman and Founder Ziel Feldman discusses his current projects in Detroit with EisnerAmper Real Estate Services Group Partner Lisa Knee in Part 3 of this series. While the assemblages required to bring these restorations can be complex, it is well worth it from both an aesthetic and investment point of view. The firm has approximately 15 million square feet under ownership and . Our use of the terms our firm and we and us and terms of similar import, denote the alternative practice structure conducted by EisnerAmper LLP and Eisner Advisory GroupLLC. Construction should be buzzing at the XI, the pair of dancing towers in West Chelsea where HFZ hopes to sell, HFZ paid Edison Properties about $870 million for the West Chelsea parcel at 518 West 18th Street in 2014. Location New York, New York, United States. Ziel Feldman is the Chairman and Founder of HFZ Capital Group, a Manhattan-based real estate investment and development company formed in 2005. People Like . The legal troubles continue for HFZ Capital Groups Ziel Feldman and its former principal Nir Meir: Another lender has sued the developer and his one time colleague, accusing the pair of fraud and breach of contract. It takes a lot of drive and determination to be a real estate developer. He was able to conceal his actions by virtue of his position at the company, which he used aggressively to ensure the compliance of HFZs employees by fostering a culture of fear and reprisals by Meir if staff members did not follow through on his directions.. Before HFZ an acronym for Helene, Feldman and Ziel there was PMG. Ziel Feldman. That dispute is just part of the reckoning that HFZ is facing across its multibillion-dollar portfolio after making a series of big bets right before the market turned. And then theres Donald Trump. No credit card required. HFZ is also sparring with Barry Sternlicht's Starwood Capital Group, which in October claimed in a lawsuit that the firm owes $157 million on loan payments tied to its Chatsworth project. EisnerAmper Real Estate Services Group Partner Lisa Knee interviews HFZ Capital Group Chairman and Founder Ziel Feldman, who looks back on his first property, in Part 5 of this series. 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. Zie l received a Bachelor's Degree degree from University of Oxford Queens College and a Law degree from Cardozo Law School. Invited to place bids You may not become a millionaire, but there is a lot to learn from George Soros. EisnerAmper Real Estate Services Group Partner Lisa Knee interviews HFZ Capital Group Chairman and Founder Ziel Feldman about forging a path from law to real estate development in Part 2 of this series. Feldman and his wife, Helene, are personally on the hook for many of the loans tied to these projects. HFZ has claimed that Meir was fired, while Meir previously told TRD through a spokesperson that he was stepping down from HFZ but remained a vested partner.. All rights reserved 2023 The Real Deal is a registered Trademark of Korangy Publishing Inc. Watch: Developer Patrick Carroll "spits" on restaurant manager, Office tenants shift search to East Bay suburban markets, Real estate lender dodges bullet after Signatures collapse, Miami luxury real estate agent pleads guilty in PPP fraud case. Feldman, chief executive of HFZ Capital, one of the city's swankiest developers . 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. HFZ paid Edison Properties about $870 million for the West Chelsea parcel at 518 West 18th Street in 2014. Regions Greater New York Area, East Coast, Northeastern US. The entities falling under the EisnerAmper brand are independently owned and are not liable for the services provided by any other entity providing services under the EisnerAmper brand. The 36- and 26-story structures topped out in March and will contain 236 condominiums and a 137-room Six Senses Hotel Resorts Spas, the first location in the United States. Ziel Feldman Owner. Feldman and his wife, Helene, are personally on the hook for many loans tied to HFZs projects. One investor, New York-based Arel Capital, recently filed a lawsuit alleging that JPMorgan, a lender on HFZs XI development, pressured the developer to divert money from its conversion projects to the struggling West Chelsea project. EisnerAmper Real Estate Services Group Partner Lisa Knee discusses the recent trend of the developer-turned-lender with HFZ Capital Group Chairman and Founder Ziel Feldman in Part 4 of this series. HFZ is one of New Yorks most prolific condo developers, with projects like the $2 billion XI development on the High Line in West Chelsea and the conversion of several pre-war apartment buildings into condos, including the famed Belnord apartments on the Upper West Side. As adeveloper and adesign connoisseur with apersonal and professional connection to New York, Ziel Feldman is committed to positively evolving the culture of the city for posterity. Bankruptcy could also force Feldman to relinquish control of the company. As part of this initiative, HFZ focuses on businesses that work synergistically with the HFZ platform and that provide opportunities for expansion of the respective brands. Among the major assets in the portfolio are two noteworthy campuses based in Wisconsin: The former 1,700,000square foot Heinz Kraft-owned Oscar Mayer plant, located in the heart of Madison and an 800,000square foot campus in Milwaukee formerly occupied by Caterpillar Global Mining, LLC. CIM, which did not respond to a request for comment, can still go forward with another foreclosure sale if it meets certain conditions. 2023 Personal Tax Guide. Starwood also declined to comment. UPDATED, April 15, 2021, 8:24 p.m.: HFZ Capital Groups Ziel Feldman says his former partner Nir Meir used their development firms bank account as a personal piggy-bank to bankroll his lavish lifestyle. In December, a judge halted the foreclosure sale. 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. 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. Former AG Eliot Spitzer used it frequently to investigate Wall Street, as did his successor Eric Schneiderman. Meirs looting of HFZ assets accelerated in recent years, the suit said. It accuses Nir of misusing HFZ funds to lease a $150,000-per-month Miami Beach home. It is the culmination of avision. UPDATED, April 15, 2021, 8:24 p.m.: HFZ Capital Group's Ziel Feldman says his former partner Nir Meir used their development firm's bank account as a "personal piggy-bank" to bankroll his . E-commerce retailer Michael Rubin is the buyer of a $50 million Hamptons mansion sold last month by HFZ Capital Groups Ziel Feldman. Read More I think theres a lot of other distress going on that people are working on quietly, behind the scenes.. New York, New York, United States View. What we believe we got is something thats extraordinarily well priced for the total package, he said in an, Filings with the state attorney generals office show that as of April, just 38 units, or about 16 percent of the 236 condos, were in contract. A 2014 fire led to arson charges against the former broker, David Osiecki. Allegiant offers borrowers a one-stop solution with the ability to offer customized commercial real estate debt investment strategies across the entire yield and risk spectrum. We had a little tiny office with no heat and Home Depot card tables for desks, Maloney has said of that period. Andy Gerringer, who runs new business development at the Marketing Directors, said lenders are not enthusiastic about having hulking, empty condos on their books, and many are actively working with distressed developers to find solutions. In December, a judge. Ziel Feldman is committed to positively evolving the . Still, word spread that deals were slow. Im not sure its great for anybody to have a big flameout like that, including the lenders, said Thomas Kearns, a lawyer with Olshan Frome Wolosky. Top HFZ Capital Group Employees Christophe Lagrange Managing Director - Acquisitions and Asset Management. EisnerAmper LLP and Eisner Advisory Group LLC practice as an alternative practice structure in accordance with the AICPA Code of Professional Conductand applicable law, regulations and professional standards. Use this guide to identify issues that may impact you, then discuss them with your tax advisor. Feldman dismissed them. 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. EisnerAmper is the brand name under which EisnerAmper LLP and Eisner Advisory Group LLC, independently owned entities, provide professional services in an alternative practice structure in accordance with applicable professional standards. But the companys critics say responsibility also lies with HFZs lenders, which they say were aware of the developers wrongdoings and facilitated them by ignoring the problem. HFZ scored a redevelopment loan from Westbrook Partners. Douglas Elliman, which handles sales at the project, has tried, unsuccessfully, to, The project was recently embroiled in a mob scandal in which members of the, Three of the most prolific condo developers in New York got their start together at Property Markets Group, which Feldman, a Queens-born former real estate lawyer, co-founded with banker Kevin Maloney in 1991. Contact Miriam Hall at miriam.hall@bisnow.com Related Topics: Ziel Feldman , HFZ Capital . All rights reserved 2023 The Real Deal is a registered Trademark of Korangy Publishing Inc. Watch: Developer Patrick Carroll "spits" on restaurant manager, Former Westchester home of KKR co-founder list for $11M, HFZ loses control of 4 Manhattan condo projects, HFZ's Ziel Feldman takes reins, partner Nir Meir is out: sources. In the downbeat days of the Great Recession, Feldman's HFZ Capital Group reveled in the crisis. The Movie The Professional is what made Natalie Portman a Lolita. EisnerAmper is the brand name under which EisnerAmper LLP and Eisner Advisory Group LLC provide professional services. By Vivian Marino. As principled as it is prolific, HFZ is equally committed to restoring and preserving historic buildings and to partnering with the worlds most visionary architects to create the edifices that epitomize next generation living. HFZ brings its operational resources as well as its relationships and expertise in the capital markets in order to grow together with its partner companies. 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. Principal at HFZ Capital Group New York, New York, United . The project currently has a number of challenges and needs to be recapitalized and restructured, an HFZ spokesperson said. Ziel Feldman is Chairman/Founder at Hfz Capital Group. EisnerAmper discusses a summary of CARES Act and how self-employed individuals, independent contractors or sole proprietors must submit necessary documentation. It is based on nothing more than rank speculation that Defendants intend to secret the proceeds from the sale, they said. Ziel Feldman's beleaguered development firm HFZ Capital Group has accused its former executive being a "faithless servant" by looting the company's coffers, according to three ;lawsuits filed . 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. The desirable and daring momentum of each successive accomplishment infuses the city with new energy and lifts it to new heights. With allegations of intermingling of funds, HFZ might be reluctant to declare bankruptcy. Theyre seeking to blame him as a scapegoat and we wont tolerate it, said Meirs attorney, Larry Hutcher. Others Named Ziel Feldman. 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. Many developers saddled with unsold units in a sluggish market are in a tight spot. The embattled developer amended a complaint in a lawsuit he filed earlier this year against former HFZ executive Nir Meir. 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. Four hours later, a reference number popped up on Gibbons phone. I think people have short memories on this stuff, said Kearns. EisnerAmper Real Estate Services Partner, Lisa Knee, interviews HFZ Capital Group Chairman and Founder Ziel Feldman about the origins of HFZ in part 1 of this series. The complaint names Feldman and his former partner Nir Mier, along with HFZ lenders JPMorgan Chase and CIM Group, according to the source. 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. HFZs multifaceted organization functions seamlessly, at the highest levels, across all real estate disciplinesfrom underwriting to analytics, structured finance, investment, development, construction and asset management. 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 . 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. All rights reserved 2023 The Real Deal is a registered Trademark of Korangy Publishing Inc. Watch: Developer Patrick Carroll "spits" on restaurant manager, Former Westchester home of KKR co-founder list for $11M, The texts are now evidence in a legal battle as HFZ the prolific developer Meir launched 15 years ago with co-founder and chair Ziel Feldman fights CIMs efforts to foreclose on the debt. Please call me. An HFZ project is never just astructure. For years, Feldman repeatedly denied allegations that he was backed by controversial diamond magnate Beny Steinmetz. EisnerAmper LLP is a licensed independent CPA firm that provides attest services to its clients, and Eisner Advisory Group LLC and its subsidiary entities provide tax and business consulting services to their clients. HFZ has also been accused of intermingling funds at the XI. In November, Feldman listed his penthouse at the Marquand condominium for $39 million. The suit said he was also living rent-free in the Southampton home, which was being shopped off market. HFZ Capital Group, founded in 2005 by Ziel Feldman, is one of the largest and most influential real estate firms in New York. In 2018, Westbrook converted that debt position into equity. He attended Queens College. Their roles played to those traits. HFZ Capital Group Chairman and Founder Ziel Feldman shares his secret to maintaining a healthy work/life balance. As HFZ continues to build its family of companies, it will selectively seek out additional opportunities to collaborate with more leading companies. (Elliman is a subsidiary of Howard Lorbers Vector Group, which through its investment arm New Valley has a stake in the XI. By then, 95 of the 215 units were being converted to condos. HFZ Capital Group Chairman and Founder Ziel Feldman sat down with EisnerAmper Real Estate Services Group Partner Lisa Knee to discuss the origins of HFZ, one of the most prolific condominium developers in New York City. 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. According to an affidavit from HFZs lawsuit against CIM, Feldman said it was Meir who kept him informed about loan modification talks with CIM. 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. The amended complaint increases the damages HFZ is seeking from Meir from a piddling $43 million to an attention-grabbing $688 million, based mostly on the new claim that Meir lied to HFZ about the XI being on sound footing, causing more than $600 million in damage. 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. The embattled developer amended a complaint in a . Ziel Feldman puts his own UES pad on the market. HFZ has tried to keep a lid on certain information getting out. Working with world-renowned architects, interior designers, national and international brokerages to continually stay abreast of market trends and demographics and psychographics of sought after customers to create value for its portfolio of exceptional properties this astutely comprehensive approach is unparalleled in the industry and affords HFZ acompetitive advantage. (After publication, a judge sided sided with Meir and did not sign an order of attachment on the property.). During the upheaval at the firm, Feldmans former business partner, Nir Meir, abruptly departed the firm, and one of HFZs lenders was seeking to oust Meir from his Hamptons home. A spokesperson for Meir put the exit down to differences of opinion about the future direction of the business, adding that Meir remains committed to helping the company resolve outstanding issues surrounding its current projects., A spokesperson for HFZ, meanwhile, said only that Meir is no longer with HFZ nor authorized to act on its behalf in any capacity..