HFZ Capital Group
{{Infobox company
| name = HFZ Capital Group
| logo = HFZ Capital Group logo.png
| type = Private
| industry = Real estate
| fate =
| predecessor =
| successor =
| founded = 2005
| founder = Ziel Feldman
| defunct =
| hq_location_city = New York City
| hq_location_country = U.S.
| area_served =
| key_people = Ziel Feldman (chairman)
| products =
| owner =
| num_employees =
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| website = {{URL|hfzcap.com}}
}}
HFZ Capital Group is a real estate development and investment company based in New York City. Ziel Feldman founded HFZ in 2005 and is chairman.{{cite news |last=Marino |first=Vivian |date=January 8, 2013 |title=The 30-Minute Interview: Ziel Feldman |url=https://www.nytimes.com/2013/01/09/realestate/commercial/the-30-minute-interview-ziel-feldman.html |newspaper=The New York Times |access-date=December 29, 2019 }}{{cite news |author= |title=One New York developer, two projects and US$3.4 billion of new flats |url=https://www.scmp.com/property/international/article/2150205/one-new-york-developer-two-projects-and-us34-billion-new |newspaper=South China Morning Post |location=Hong Kong |agency=Bloomberg News |date=June 11, 2018 |access-date=December 29, 2019 }}{{cite news |last= Fung |first=Amanda |date=January 7, 2013 |title=Developer turns flops to gold: With a pipeline full of reborn condo projects, Ziel Feldman is man of the hour |url=https://www.crainsnewyork.com/assets/pdf/CN8485416.PDF#page=3 |newspaper=Crain's New York |volume=XXIX |issue=1 |page=3 |access-date=December 29, 2019 }}{{cite news |last=Pincus |first=Adam |date=September 1, 2010 |title=Buying with 'zeal' |url=https://therealdeal.com/issues_articles/buying-with-zeal/ |newspaper=The Real Deal |access-date=December 29, 2019 }} As of 2019, HFZ managed more than $10 billion worth of development.{{cite news |author= |date=April 23, 2019 |title=The Power 100: Commercial Real Estate's Most Powerful Players |url=https://commercialobserver.com/2019/04/the-power-100-2019/#slide38 |newspaper=Commercial Observer |access-date=December 29, 2019 }}
History
Prior to launching HFZ in 2005, Feldman was principal at the national development firm Property Markets Group (PMG), which he co-founded with Kevin Maloney in 1991. At PMG, Feldman also worked with Gary Barnett of Extell Development Company.{{cite news |last=Clarke |first=Katherine |date=July 1, 2013 |title=Ziel Feldman |url=https://therealdeal.com/closings/ziel-feldman/ |newspaper=The Real Deal |access-date=December 29, 2019 }}
In 2013, HFZ and partner Fortress Investment Group purchased four Manhattan rental buildings, including The Astor, from Westbrook Partners for more than $610 million. HFZ then converted the properties into for-sale condominiums.{{cite news |date=July 17, 2013 |title=Developer Sets Deal to Buy 4 Manhattan Buildings |url=https://www.wsj.com/articles/SB10001424127887323993804578612083299146540 |newspaper=The Wall Street Journal |access-date=December 29, 2019 }}{{cite news |last=Clarke |first=Katherine |date=November 8, 2016 |title=HFZ completes $500M refi on four-building condo portfolio |url=https://therealdeal.com/2016/11/08/hfz-completes-500m-refi-on-four-building-condo-portfolio/ |newspaper=The Real Deal |access-date=December 29, 2019 }}
In March 2015, HFZ acquired The Belnord on the Upper West Side of Manhattan from Extell for about $575 million.{{cite news |last=Barbanel |first=Josh |title=The Belnord on Upper West Side Gets a New Owner |url=https://www.wsj.com/articles/the-belnord-on-upper-west-side-gets-a-new-owner-1426210467 |newspaper=The Wall Street Journal |date=March 12, 2015 |access-date=December 29, 2019 }} HFZ hired architect Robert A. M. Stern for the renovation and conversion of the pre-war building into a condominium.{{cite news |last=Warerkar |first=Taney |title=Upper West Side rental will get a Robert A.M. Stern-designed condo conversion |url=https://ny.curbed.com/2017/4/5/15190464/belnord-condo-conversion-robert-am-stern |newspaper=Curbed NY |date=April 5, 2017 |access-date=December 29, 2019 }}
In May 2015, HFZ acquired a full-block site in Chelsea, Manhattan between 17th and 18th Street, and 10th and 11th Avenue for $870 million from Edison Properties. HFZ began the development of the property into a two-tower mixed-use development called The XI.{{cite news |last=Carmiel |first=Oshrat |title=Bjarke Ingels NYC Condos Won't Be at Ultra-Luxury Prices |url=https://www.bloomberg.com/news/articles/2015-05-21/nyc-developer-shuns-ultra-luxury-condos-at-chelsea-lot |publisher=Bloomberg News |date=May 21, 2015 |access-date=December 29, 2019 }}{{cite news |author= |title=HFZ lists penthouse at Chelsea megaproject for $25M |url=https://therealdeal.com/2018/04/20/hfz-lists-penthouse-at-chelsea-megaproject-for-25m/ |newspaper=The Real Deal |date=April 20, 2018 }} Designed by architect Bjarke Ingels, The XI planned for 236 condos and Six Senses' first hotel in the U.S.{{cite news |title=HFZ unveils retail space at new XI on Chelsea waterfront |url=https://rew-online.com/2019/03/hfz-unveils-retail-space-at-new-xi-on-chelsea-waterfront/ |newspaper=Real Estate Weekly |date=March 20, 2019 |access-date=December 29, 2019 |archive-date=March 23, 2019 |archive-url=https://web.archive.org/web/20190323040349/https://rew-online.com/2019/03/hfz-unveils-retail-space-at-new-xi-on-chelsea-waterfront/ |url-status=dead }}
In 2021, The XI went into foreclosure before completion, and opened with different owners. In 2021, the company also lost four condos in Manhattan. The firm subsequently collapsed amid "an avalanche of investor lawsuits and foreclosures." In February, 2024, a former executive was arrested for criminal activities.{{Cite news |title=Nir Meir arrested, HFZ developer |url=https://www.nytimes.com/2024/02/06/nyregion/nir-meir-hfz-arrested-developer.html}} Retrieved February 8, 2024
References
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