Posts Tagged ‘ziel feldman’
Ziel Feldman’s HFZ Capital Group has paid just under $22 million for a sports complex in the upscale New Jersey town of Waldwick. The 146,661-square-foot complex is fully leased and includes a 79,200-square-foot “superdome” for indoor sports as well as four sport fields. [more]
Ziel Feldman’s HFZ Capital will pay $600 million for Westbrook Partners’ four-building, 750-apartment Manhattan rental portfolio, the Wall Street Journal reported. [more]
From the July issue: Ziel Feldman is the founder of investment and development company HFZ Capital Group and the chairman of Polar Investments. A graduate of Queens College and Cardozo Law School, Feldman has bought, sold and developed over 10,000 residential units over the course of his career. Prior to launching HFZ in 2005, he was a principal at the national development firm Property Markets Group, which bought and rehabbed the 226-unit Belnord apartment building in 1994. HFZ recently launched sales at the Marquand, a new 40-unit condo project at 11 East 68th Street, where prices start at $15 million. The company will soon bring to market a new 123-unit condo project at 303 East 51st Street in Turtle Bay, on the site of a deadly 2008 crane collapse. [more]
Anthony Malkin lets Yeah Yeah Yeahs shoot the first music video at Empire State Building to up cool quotient. Ziel Feldman shoots for “oasis of calm in Midtown Manhattan” with Halcyon condos. Bob Newhart tries again to sell Los Angeles home — this time for $15.5 million. Two-family Bed-Stuy home sold for $1.7 million. Am Properties Of NY, 24 Plaza make progress on LIC subsidized rental project. Read these stories and more after the jump.
The International Council of Shopping Centers’ four-day RECon retail convention and party marathon wraps up today in Las Vegas. Though some brokers told The Real Deal that the show felt busier than last year — and attendance rose — many said the velocity of deals seemed slower. See photos after the jump…. [more]
Two boutique Manhattan commercial brokerage firms are suing the sellers of a high-profile Bryant Park development for up to $4.98 million for a commission that they claim they were denied when HFZ Capital Group, one of the sellers, spearheaded an inside deal for the same $83 million price. [more]
HFZ Capital Group has sold the site of a new condo-hotel development at 20 West 40th Street, adjacent to Bryant Park, for $83 million, according to reports. However, HFZ founder Ziel Feldman will still be involved in developing the project, the New York Post reported. [more]
HFZ Capital Group is facing a $12 million breach of contract lawsuit from Jacqueline Finkelstein, a former senior vice president who claims the developer bypassed her on several real estate financing deals she procured and then purportedly fired her after she protested.
Finkelstein claims she arranged the financing for several deals — including the $170 million acquisition of 11 East 68th Street with Vornado Realty Trust in January 2012 — but was later frozen out of her share of commissions, according to a lawsuit filed Feb. 21 in New York State Supreme Court. [more]
Developer Ziel Feldman’s HFZ Capital Group is negotiating with the centuries old Collegiate Church to form a joint venture to develop a 350,000-square-foot mixed-use tower in NoMad, half a block from the popular Ace Hotel, sources familiar with the deal told The Real Deal.
Ziel Feldman’s HFZ Capital and partner BSG Real Estate have closed on the purchase of the Chatsworth, an Upper West Side rental building, for $150 million, the Wall Street Journal reported. [more]
Related Companies has reached a deal to settle most of the outstanding claims — estimated to be in the tens of millions of dollars — in the ongoing legal drama at the One Madison Park condominium and expects to relaunch sales late this year, The Real Deal has learned.
The settlements, which include $6.75 million in unsecured claims and several million in additional claims, will allow Related to complete construction at the site and resolve a number of outstanding title disputes at the property, at 23 East 22nd Street, which would allow the developer to put most of the unsold inventory back on the market. [more]
HFZ Capital Group joined Vornado Realty Trust in its previously reported acquisition of 11 East 68th Street, and will take control of the 41 residential units while Vornado presides over the 100-foot-long Madison Avenue retail space, the Wall Street Journal reported.
In September, Vornado entered into contract to buy the Upper East Side rental building for $170 million, a $21.8 million discount on the amount the sellers, ABRO management, paid for it in 2008. [more]
From left, 303 East 51st Street, Ziel Feldman, founder of HFZ Capital
Group, and City Council member Jessica Lappin
For three and a half years, the structure at 303 East 51st Street has remained a stunted
skeleton, halted at 18 stories after the infamous March 2008 crane collapse that killed
seven people and crushed an adjacent building.
But that may change soon.
Ziel Feldman, founder of HFZ Capital Group, which closed on the purchase of the site
early this year, said through a spokesperson that he would have “significant progress to
announce” later this week, and the firm plans to restart construction at the site, on 51st
Street between First and Second avenues, this spring.
The expeditor on the project, Laurence Gillman, an associate at Jerome S. Gillman
Consulting Architect, said that the Department of Buildings had completed its zoning
examination of the plan and was reviewing architectural and other drawings as part of a
building code review…. [more]
Developer Ziel Feldman’s HFZ Capital Group signed a contract to buy three adjacent parcels in Chelsea where it plans to build an approximately 100,000-square-foot, mixed-use building rising on both sides of the elevated High Line park, Feldman told The Real Deal.
The two-towered project will have about 90,000 square feet of residential space — condominiums with the possibility of some rentals as well — rising both east and west of the tracks, and at least 10,000 square feet of retail that will pass under the High Line with frontage on 10th Avenue.
“It is one of the better sites in the city as it straddles both Chelsea and the Meatpacking District,” Feldman, the company’s chairman, said. “Both communities have become residential where demand has been soaring.” … [more]
The new holders of the senior debt at One Madison Park issued subpoenas yesterday to force investor Green Bridge Capital to disclose its relationship with Ziel Feldman’s HFZ Capital and why the firm is refusing a June 30 offer to accept a new plan backed by Related Cos.
The new proposal, by an entity called One Madison FM, is designed to bring in new bidders through an open auction and substantially raise the value of the property. Sources say the new entity is backed by Related Cos. Chairman Steve Ross, who is pursuing a plan to become the new sponsor of One Madison Park.
Related, one of the largest and most respected real estate developers in the city, is working with Amalgamated Bank on a financial plan to help pay off creditors of the bankrupt condominium at 23 East 22nd Street, and complete construction.
“He wants to develop it,” according to a source familiar with Ross’ plans for the property…. [more]
Amalgamated Bank has acquired the senior piece of the One Madison Park condominium mortgage loan from iStar Financial, according to federal bankruptcy records obtained by The Real Deal, jeopardizing a rescue plan submitted earlier this month by HFZ Capital.
Manhattan-based Amalgamated already held the $78.5 million junior piece of the mortgage loan, and a New York state Supreme Court judge refused to block the deal despite a $75 million lawsuit from HFZ, a distressed real estate firm led by investor Ziel Feldman.
HFZ asked the judge to block the deal on the grounds that Amalgamated, after initially promising to sell the junior piece to HFZ in November 2010, reneged on that deal and swooped in on the senior note after HFZ filed a rescue plan in U.S. Bankruptcy Court. … [more]
The developers of a troubled Turtle Bay condominium tower filed a $100 million malpractice lawsuit against two high-powered law firms Cozen O’Connor and Blank Rome for allegedly giving them bad zoning advice prior to the fatal March 2008 crane collapse that killed seven people at the East 51st Street site.
The developers, led by former firefighter James Kennelly of Kennelly
Development, alleged in a suit filed June 13 in New York state Supreme
Court that their former zoning lawyers provided flawed legal opinions,
which led them to overestimate the value of the property, leading to the
eventual default of $70 million in loans with Arbor Realty Trust.
“Cozen and Blank Rome’s incorrect analysis of the applicable zoning
regulations and their failure to conduct sufficient and adequate due
diligence caused plaintiff to overestimate the value or potential value of
the project,” attorney Rex Whitehorn, representing Kennelly, wrote in
the complaint, “and plaintiff made irreversible decisions with respect to
financing while relying on plaintiff’s advice.”… [more]
A long-awaited reorganization plan was submitted in the One
Madison Park bankruptcy case late yesterday evening giving
an outline that could finally lead to the troubled condominium
settling millions of dollars in claims and resuming sales.
The plan, submitted to the U.S. Bankruptcy Court in Delaware,
calls for senior lender iStar Financial to get $162 million in the
form of a secured note.
In addition, $12.5 million in mechanics liens would be recovered
in the form of cash, $15 million to $20 million in “unclassified
claims” would be recovered in immediate cash, deferred cash
and other payments and another $160 million to $180 million in
unsecured claims would be recovered at the rate of 3 to 5 percent…. [more]