Feldman’s success could hinge on One Mad.

New York /
May.May 25, 2011 12:02 PM

The foreclosed, lawsuit-laden, incomplete tower that stands at One Madison Avenue scared away most of New York City’s big-name developers, except for Bruce Eichner, who reportedly placed a low-ball $45 million bid. So it came as quite a surprise last month, the Observer said, when a man intent on rising to those ranks agreed to pay $165 million to acquire the Flatiron tower. That man is Ziel Feldman, and it’s one of several risky bets the head of HFZ Capital is making in the midst of a market recovery. It started during the boom, when Feldman successfully refurbished a pre-war condo at 823 Park Avenue, and sold units for more than $2,000 per square foot. But a Park Avenue condo is one thing, the “collapsed crane tower” at East 51st Street, the Setai condo conversion downtown, and One Madison Park are far more risky, and could determine whether Feldman ultimately becomes a leading developer or another in a long line of failed risk-takers. Sources told the Observer that after the lawsuits are settled and construction is finished, Feldman would need to get $2,500 per square foot, on average, to make a profit.


Related Articles

arrow_forward_ios
HFZ founder Ziel Feldman and Nir Meir (iStock, HFZ/Illustration by Kevin Rebong for The Real Deal)
Ziel Feldman alleges Nir Meir used HFZ as “personal piggy bank”
Ziel Feldman alleges Nir Meir used HFZ as “personal piggy bank”
HFZ CEO Ziel Feldman, a rendering of 3 West 29th Street and the Marble Collegiate Church (Illustration by Kevin Rebong for The Real Deal)
Faith alone: How one Manhattan congregation got caught in HFZ’s downfall
Faith alone: How one Manhattan congregation got caught in HFZ’s downfall
HFZ's Ziel Feldman. (Getty, Shore Club)
HFZ faces lawsuit, unpaid tax bill for Shore Club South Beach hotel
HFZ faces lawsuit, unpaid tax bill for Shore Club South Beach hotel
Ziel Feldman with Fifty Third and Eighth. (The Xi, 53rd and 8th)
HFZ loses control of 4 Manhattan condo projects
HFZ loses control of 4 Manhattan condo projects
A photo illustration of the Belnord at 225 West 86th Street and HFZ CEO Ziel Feldman (Getty; iStock/Illustration by Kevin Rebong for The Real Deal)
Westbrook takes over HFZ’s Belnord conversion
Westbrook takes over HFZ’s Belnord conversion
Ziel Feldman with 150, 152 and 154 East 79th Street, and 1131 and 1135 Lexington Avenue (Getty, Google Maps)
HFZ, Ziel Feldman sued for default on Upper East Side loan
HFZ, Ziel Feldman sued for default on Upper East Side loan
John Simonlacaj and Andrew Campos (HFZ, Wikia, Getty) 
Former HFZ exec, alleged mob members plead guilty in construction scheme
Former HFZ exec, alleged mob members plead guilty in construction scheme
Nir Meir Asks Court to Stop Eviction (Google Maps)
Nir Meir seeks to throw out Hamptons ejection suit
Nir Meir seeks to throw out Hamptons ejection suit
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...