Nir Meir jailed, charged with grand larceny; Businesses freeze deals with title insurers Madison and Riverside ... and more

The best national real estate stories from The Real Deal. Feb 10, 2024 [View in Browser]( | [$1 for 1 Month]( [The Real Deal Logo](   [The National Logo](   In today’s newsletter, we look at the latest developments in Nir Meir’s wild ride, including an [arrest in Miami](. Plus, a pair of major title insurers find themselves [on the proverbial black list](, another rent-stabilized landlord sells at an [eye-popping discount]( and a home hits the market in South Florida [for almost $300 million](. These stories and more below.   [Nir Meir jailed](, [charged with grand larceny]( Nir Meir had been living large in the sun-drenched extravagance of Miami Beach. Now, after years of dodging lawsuits, the shadows of his past have caught up with him. Authorities [arrested Meir on Monday](, picking him up at the upscale 1 Hotel & Homes South Beach and booking him into a Miami-Dade County jail. The former HFZ executive, who claims to have only $50 to his name, is [facing charges of grand larceny](, courtesy of Manhattan’s district attorney. The arrest comes on the heels of [Meir’s bankruptcy filing]( earlier this month. But it’s been in the making for years. Meir was once among the biggest names in New York condo development until HFZ imploded in 2020. The firm’s founder, Ziel Feldman, has not been shy about pointing fingers for the collapse. He said Meir stole tens of millions of dollars from the company before skipping town for South Beach. His downfall has seemed inevitable since then, as creditors came knocking, asking where their money went. The charges against Meir shed some light on the answer, alleging that the HFZ executive — along with two former HFZ colleagues and three Omnibuild executives — stole $86 million from investors in a Chelsea project called The XI. Omnibuild was the contractor on the project, which was a luxury condo development on the High Line. Meir allegedly used fake documents and wire transfers to mislead investors while [diverting $60 million of their money]( from The XI to other HFZ projects. He also dodged $15.6 million in city taxes. All of the defendants pleaded not guilty on Wednesday. Omnibuild has stressed that it was a victim in this scheme, not a co-conspirator. The arrest marks the end of an odd chapter in Meir’s story. As Meir tells it, he’s been all but penniless in recent years. His scorned business partners tell a different story, one filled with waterfront estates, private jets, and extravagant parties at Miami strip clubs. For now at least, the party is over.   Advertisement   [I'm an image]( [Businesses freeze deals with title insurers Madison and RiversideÂ]( Madison Title Agency and Riverside Abstract are two of the biggest title insurers in the tri-state area. But, a group of their customers have paused their dealings with the firms after they were named in a DOJ investigation into real estate investor Boruch Drillman. Drillman is under investigation after allegedly scheming his way to $165 million in loans for fraudulent deals, deals that involved Madison and Riverside. [I'm an image]( [Another rent-stabilized haircut, this time with shearers]( A pair of rent-stabilized buildings on Manhattan’s Upper West Side traded for $31 million, a 64-percent discount from the price they sold for in 2013. The sale marked the latest of many steep drops in valuation for NYC’s rent-stabilized landlords. [I'm an image]( [Late financier’s Naples estate hits market for record $295M]( A lavish compound in Naples, Florida hit the market this week for $295 million. The compound’s price tag is among the highest in US history and stands well above the current record for the priciest sale in history, Ken Griffin’s [$238 million purchase]( of a Manhattan penthouse in 2019.   Advertisement   [I'm an image]( [Brand Studio Thermador Revolutionizes Induction Technology with Innovation and Sustainability]( [I'm an image]( [Mast Capital secures record $600M construction loan (and other major loans)]( It may be a cool market for construction loans, but three separate firms reeled in loan packages over $500 million in the last week. First, it was [Mast Capital’s $600 million construction loan](. Then, REIT [Douglas Emmett scored $550 million]( backed by a controversial LA property, and [Blackstone pulled in a $550 million refi]( for a Sun Belt multifamily portfolio. [I'm an image]( [Haber rattling: The Compass agent coming for NAR]( In recent weeks, Jason Haber and Mauricio Umansnky announced their challenger to NAR, the American Real Estate Association. The industry knows Umansky well, but the same can’t be said for Haber. The Real Deal shined a spotlight on the Compass agent and AREA upstart. [I'm an image]( [LOOK: Related Midwest’s renderings of The 78, White Sox stadium]( Related Midwest, the Related Group’s Chicago office, has big plans for the Windy City. The firm revealed renderings of its $7 billion megaproject, The 78, which will include a new stadium for the White Sox and a bustling neighborhood around it. [I'm an image]( [Brand Studio From Orlando to Steamboat, CO, Michaels is Partnering with Corporations and Cities to Build Housing for Key Contributors]( [I'm an image]( [Josh Altman says Beverly Hills has no room for affordable housing]( Josh Altman is best known as the star of “Million Dollar Listing Los Angeles.” Now, he’s wading into California’s housing policy. His latest take: there shouldn’t be any affordable housing in Beverly Hills because it’s “hurting” the town’s residents. [I'm an image]( [Why developers disagree on SF’s office-to-resi March ballot measureÂ]( San Francisco Mayor London Breed recently announced a proposition that would eliminate the city’s transfer tax for 5 million square feet of office-to-residential conversions in the city. But, developers are split on the policy.     [The Real Deal Logo]( [Facebook]( [Twitter]( [Instagram]( [LinkedIn]( [YouTube]( [Manage Newsletters]( | [Unsubscribe]( | [Privacy Policy]( | [Subscribe]( | [Advertise]( The Real Deal 450 West 31st Street, New York, NY 10001 ©2023 TheRealDeal. All rights reserved. [View Online](