Ziel Feldman not too long ago listed his triplex penthouse on the Higher East Aspect. A sale of the unit could possibly be out of his palms, although.
A foreclosures public sale was scheduled for the previous HFZ government’s property on the Marquand, Crain’s reported. The foreclosures is scheduled to happen on Nov. 17.
The public sale stems from a long-running dispute between the Feldmans and Financial institution of America. The financial institution alleges the developer defaulted on a $19.2 million mortgage, relationship again to 2018, backing the apartment unit.
Starting in January 2021, the Feldmans allegedly stopped paying their month-to-month property taxes. By September 2023, that they had allegedly collected a $539,000 debt. Moreover, they’re accused of pausing principal-and-interest funds beginning in June 2022.
The financial institution sued Feldman and his spouse in October 2023 to power a sale of the property. The Feldmans fought the foreclosures lawsuit for years earlier than a choose dominated in opposition to them in August, saying they owed $23.2 million, in addition to charges.
Feldman didn’t reply to the publication’s request for remark.
Two weeks in the past, Feldman and his spouse, Helene, listed their triplex on the Marquand for $27.5 million. The providing on the 6,200-square-foot unit breaks all the way down to $4,435 per sq. foot.
Feldman beforehand listed the penthouse in 2020 for $39 million, however by no means bought. The Marquand is a Beaux Arts mansion that HFZ converted into 40 condominiums in 2013; a company entity tied to Feldman took ownership of the penthouse in 2018.
The five-bedroom unit comprises expansive widespread areas, distinctive finishes and a pair of,600 sq. ft of out of doors area. The second ground contains two dwelling places of work, one with built-in bookshelves. A 700-square-foot terrace on the second ground has an indoor-outdoor hearth, summer time kitchen, eating space and fireplace pit. There’s additionally a sunroom and a 256-square-foot terrace on the third ground.
Douglas Elliman’s Madeline Hult Elghanayan and Sabrina Saltiel have the itemizing.
Feldman led HFZ because it rose to the higher echelons of New York actual property companies within the 2010s. The agency was finest recognized for the ground-up growth of The XI in West Chelsea, one of many largest luxurious apartment developments in Manhattan on the time.
HFZ purchased 76 eleventh Avenue, the positioning for the XI, for $870 million, then probably the most ever paid for land in New York Metropolis.
That challenge collapsed in the course of the pandemic when building paused. Feldman fired his second-in-command, Nir Meir, earlier than the tip of 2020 and the challenge went into foreclosures the next summer time.
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