Special Report: Nir Meir's long fall from the top

Dive into TRD's timeline of events leading to criminal charges of grand larceny Feb 14, 2024 [Share]( [The Real Deal - Report]( [image]( Nir Meir long fall from the top Less than a decade ago, Nir Meir and HFZ Capital Group kicked off an ambitious condo project, the XI, with one of the priciest dev site acquisitions in history. But, it didn't take long for things to go sour at the property. There were calls of corruption, then, shortly after, founder Ziel Feldman booted Nir Meir from the company. Sometimes, the fall is swift. For Meir, it has dragged out for years, with plenty of headline-grabbing debacles along the way. Check out The Real Deal's timeline of Nir Meir and HFZ's rise and fall.   [HFZ closes on $1B High Line deal]( 2015: The Start Of "A Unique Opportunity" Ziel Feldman’s HFZ closed on the acquisition of a $870-million High Line development site after securing $1 billion in financing in May 2015. The purchase was one of the most expensive development acquisitions ever recorded in New York, at $1,100 per square foot. [Read full story.]( More articles: [HFZ seeks $250M from EB-5 investors for High Line condos]( [HFZ closes on $1.25B construction loan for Chelsea megaproject](   [image]( 2019: Corruption on the High Line As an executive at HFZ, John Simonlacaj had overseen some of the city’s top developments. Then, he was charged with accepting bribes to let the mob siphon off hundreds of thousands of dollars from projects, including his company’s most ambitious one: the XI along the High Line. [Read full story.]( More articles: [Behind real estate’s tangled mob ties]( [Ziel Feldman $1B project now topping out and the market is not cooperating](   [image]( 2020: Nir Meir's Sudden Exit HFZ chairman Ziel Feldman kicked Nir Meir is out of his firm in December 2020. The move came as the developer battled with lenders and contractors on several properties. [Read full story.]( More articles: [HFZ loses stake in national warehouse portfolio]( HFZ lays off staff as legal and financial problems mount]( [Starwood suing HFZ for $157M over co-op conversion loan default]( [Four of HFZ’s condo loans being shopped in foreclosure sale](   [image]( 2020: Inside the Unraveling of Manhattan's Dream Project: Debt, Delays, and Defaults “What’s the latest?” read the text that popped up on Nir Meir’s phone one Thursday afternoon in July. “Running out of time.” The message to the HFZ managing principal was from Adam Gibbons, an executive at CIM Group. The lender was awaiting an overdue payment on $90 million of mezzanine debt it holds on four prewar Manhattan apartment buildings HFZ is converting to condominiums. [Continue reading the December 2020 cover story here.]( More articles: [HFZ is behind on $160M in payments at the XI: lender]( [HFZ loses control of 4 Manhattan condo projects]( [HFZ, Marble Collegiate Church lose NoMad development site]( [HFZ vacates the XI sales gallery in Chelsea]( [Ziel Feldman calls Nir Meir a ‘sociopath,’ compares XI lender to mobsters]( [NY Attorney General reviewing HFZ fraud complaint](   [image]( 2023: Meir's Woes After Lavish Spending and Legal Battles Since the spectacular collapse of his former firm, Meir has spent the last few years defying his creditors by living the high life in South Florida. Lawsuits filed in the wake of HFZ’s implosion accuse Meir of splurging on yacht and private jet charters, fine wines, a $135,000-per-month home rental, stays at the Four Seasons and $1.5 million worth of gold, among other extravagances. [Read full story.]( More articles: [Nir Meir’s wife breaks her silence]( Nir Meir faces ejection from Hamptons home]( [Nir Meir files for bankruptcy](   [image]( 2024: Execs Accused of High-Rise Robbery Manhattan D.A. Alvin Bragg’s office announced grand larceny charges as part of a criminal probe of Meir, HFZ's former day-to-day manager, and the company. Meir was arrested by the Miami-Dade police and is facing extradition to New York. [Read full story.]( More articles: [Nir Meir files for bankruptcy]( [Tower Heist: How HFZ’s high-rise was looted]( [Details revealed of Nir Meir’s arrest in Miami](   Your trusted source for industry news.   [Facebook]( [Twitter]( [Instagram]( [LinkedIn]( [YouTube](   [More Newsletters]( | [Unsubscribe](list=Valid Nats) | [Privacy Policy]( | [Subscribe]( The Real Deal 450 West 31st Street, New York, NY 10001 ©2024 TheRealDeal. All rights reserved. [View Online](