Ziel Feldman recently listed his triplex penthouse on the Upper East Side. A sale of the unit could be out of his hands, though.
A foreclosure auction was scheduled for the former HFZ executive’s property at the Marquand, Crain’s reported. The foreclosure is scheduled to take place on Nov. 17.
The auction stems from a long-running dispute between the Feldmans and Bank of America. The bank alleges the developer defaulted on a $19.2 million mortgage, dating back to 2018, backing the condo unit.
Beginning in January 2021, the Feldmans allegedly stopped paying their monthly property taxes. By September 2023, they had allegedly accumulated a $539,000 debt. Additionally, they’re accused of pausing principal-and-interest payments starting in June 2022.
The bank sued Feldman and his wife in October 2023 to force a sale of the property. The Feldmans fought the foreclosure lawsuit for years before a judge ruled against them in August, saying they owed $23.2 million, as well as fees.
Feldman did not respond to the publication’s request for comment.
Two weeks ago, Feldman and his wife, Helene, listed their triplex at the Marquand for $27.5 million. The offering on the 6,200-square-foot unit breaks down to $4,435 per square foot.
Feldman previously listed the penthouse in 2020 for $39 million, but never sold. The Marquand is a Beaux Arts mansion that HFZ converted into 40 condominiums in 2013; a corporate entity tied to Feldman took ownership of the penthouse in 2018.
The five-bedroom unit contains expansive common areas, unique finishes and 2,600 square feet of outdoor space. The second floor includes two home offices, one with built-in bookshelves. A 700-square-foot terrace on the second floor has an indoor-outdoor fireplace, summer kitchen, dining area and fire pit. There’s also a sunroom and a 256-square-foot terrace on the third floor.
Douglas Elliman’s Madeline Hult Elghanayan and Sabrina Saltiel have the listing.
Feldman led HFZ as it rose to the upper echelons of New York real estate firms in the 2010s. The firm was best known for the ground-up development of The XI in West Chelsea, one of the biggest luxury condo developments in Manhattan at the time.
HFZ bought 76 11th Avenue, the site for the XI, for $870 million, then the most ever paid for land in New York City.
That project collapsed during the pandemic when construction paused. Feldman fired his second-in-command, Nir Meir, before the end of 2020 and the project went into foreclosure the following summer.
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