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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)
On its website, HFZ Capital Group touted plans to usher the historic Belnord rental building on the Upper West Side “into a grand new era.”
But the developer’s descent into its own new era one defined by huge debt, scores of lawsuits and the loss of several properties means the Belnord condo conversion will go ahead with HFZ effectively benched.
A spokesperson for Westbrook Partners, HFZ’s partner on the project, confirmed to
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What last year’s biggest real estate lawsuits mean for 2021
The pandemic puts lawsuits front and center in 2020, and legal experts say the worst is yet to come National Archive Issue /
Partnerships crumbled, billion-dollar condo plans collapsed and commercial bankruptcies climbed.
While there’s never a shortage of conflicts in a business built on big money and bigger egos, the pandemic made 2020 exceptionally catastrophic when it came to real estate litigation.
Of course, even in a good year, the industry is renowned for dramatic lawsuits.
(Photo illustration by The Real Deal)
Downtown Capital Partners, an alternative lender based in White Plains, New York, fired off a note to All Year Management and its founder, Yoel Goldman, last month: Cough up tens of millions of dollars of unpaid debt on a Gowanus development site or risk losing the property.
The note from Downtown Capital threatening to take over the vacant site is one of several signs of All Year’s broader financial problems.
The Brooklyn-based developer is also facing foreclosure on half of its massive Denizen luxury rental project at the site of the former Rheingold Brewery in Bushwick and was delisted from the Tel Aviv Stock Exchange in early January.
450 West 31st Street, New York, NY 10001 Phone: 212-260-1332
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