– Nir Meir, former managing director of HFZ Capital, has been arrested in Miami and is facing extradition to New York.
– Meir is likely to face charges of grand larceny and tax fraud from the Manhattan District Attorney.
– HFZ Capital, known for its ambitious XI project, went into foreclosure in 2021 before being purchased and renamed One High Line.
– Meir had a reputation as an aggressive dealmaker and lived a luxurious lifestyle, but began dodging debts and was eventually fired by HFZ.
– Meir headed to Miami Beach after his firing and was arrested at the 1 Hotel South Beach Residences.
– HFZ Capital is expected to be named alongside Meir in indictments brought by the Manhattan DA.
Meir will be extradited to New York where he is likely to face charges of grand larceny and tax fraud from the Manhattan District Attorney.
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Nir Meir, the former managing director of the luxury developer HFZ Capital, has been arrested in Miami and is facing extradition to New York, according to news reports.
Meir is likely to face charges from the Manhattan district attorney, according to Curbed, which first reported on the arrest. Meir is facing charges of grand larceny and tax fraud, according to The Real Deal.
Representatives for Meir have yet to comment publicly on the arrest, nor has Manhattan DA Alvin Bragg.
It’s a stunning fall from grace for what was once one of the most prominent developers in Manhattan. HFZ Capital became well known for its ambitious residential project XI, a pair of curving glass towers designed by the architect Bjarke Ingels. Rising above Manhattan’s linear park the High Line, the firm spent $870 million on the development site and $2 billion in total to develop.
The project went into foreclosure in 2021 before it was completed. It was purchased by another developer who renamed it One High Line and opened it in late 2023.
HFZ Capital is expected to be named alongside Meir and at least 10 other people and businesses in a series of indictments brought by Bragg, according to The New York Times. Several employees of a construction company that HFZ contracted to build the XI are also expected to be charged.
The indictments are expected to contain charges that the defendants conspired to steal millions of dollars from investors in the XI project by making false reports of construction costs. The charges against Meir are expected to include tax fraud, falsification of business records and grand larceny, according to news reports.
Meir had been second in command at HFZ, where he was a protégé to its founder, Ziel Feldman, and the overseer of XI, its most ambitious project to date. He developed a reputation as an aggressive dealmaker with a knack for attracting international investors and a taste for luxury goods. He collected wine and luxury cars and lived in a Hamptons beachfront mansion that would later sell to New England Patriots owner Robert Kraft for $43 million.
However, in his professional capacities, he began dodging debts. HFZ stopped paying its contractors for the XI in 2019, according to New York Magazine, leading to Meir’s eventual firing by HFZ and the company being hollowed out by lawsuits and foreclosures.
After his firing, Meir headed to Miami Beach where he lived in a series of luxury hotels, including the 1 Hotel South Beach Residences where he was arrested this week.
Property Chomp's Take:
Nir Meir, the former managing director of luxury developer HFZ Capital, has been arrested in Miami and is facing extradition to New York. Meir is expected to face charges of grand larceny and tax fraud from the Manhattan District Attorney.
This arrest marks a significant fall from grace for Meir, who was once one of the most prominent developers in Manhattan. HFZ Capital gained recognition for its ambitious residential project, XI, which consisted of a pair of curving glass towers designed by architect Bjarke Ingels. The firm invested a total of $2 billion into the development, which went into foreclosure before its completion and was later purchased by another developer.
Meir, who served as the second in command at HFZ and oversaw the XI project, had developed a reputation as an aggressive dealmaker with a talent for attracting international investors. However, he began dodging debts, and HFZ stopped paying its contractors for the XI project in 2019. This eventually led to Meir's firing and the company facing numerous lawsuits and foreclosures.
After his dismissal, Meir relocated to Miami Beach, where he lived in luxury hotels. However, his time in Miami came to an end with his recent arrest.
Representatives for Meir have not yet commented publicly on the arrest, and Manhattan District Attorney Alvin Bragg has also remained silent on the matter.
Meir's arrest is part of a larger investigation into HFZ Capital, with the company expected to be named alongside Meir and at least 10 other individuals and businesses in a series of indictments. The charges are likely to involve allegations of stealing millions of dollars from investors in the XI project through false reports of construction costs.
While Meir's future remains uncertain, this arrest serves as a reminder that even the most prominent figures in the real estate industry can face legal consequences for their actions. It also highlights the importance of transparency and ethical practices within the industry to maintain the trust and confidence of investors and the public.
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In conclusion, Nir Meir's arrest in Miami and facing extradition to New York is a significant development in the ongoing investigation into HFZ Capital. This arrest serves as a reminder of the importance of ethical practices within the real estate industry and the potential consequences for those who engage in fraudulent activities.