by Lieba Nesis
-Real Estate mogul Ziel Feldman continues his struggle to maintain his impressive portfolio during the pandemic. After putting his Bridgehampton, and New York City penthouse on the market, his company HFZ Capital Group, was forced to give up 10 million square feet of warehouse space around the country-according to The Real Deal. HFZ lost its equity in these distribution centers after reneging on a $126 million loan. In 2018, HFZ teamed up with the Reich Brothers to invest in 11.7 million square feet of warehouse space in New York, Illinois, Florida, Wisconsin, Ohio, Oklahoma and Arizona-with Ziel and his wife Helene personally guaranteeing the loan. Ziel is trying to fend off a similar foreclosure proceeding on a portfolio of buildings with a loan balance of $89.5 million located at 88 Lexington Avenue, 235 West 75th Street, and 301 West 53rd Street. HFZ sued to halt the auction of these buildings with the judge granting them a temporary injunction. Last week, Feldman added the Shore Club Hotel in Miami to the chopping block. Purchased in 2013 for $175 million Ziel had hoped to turn it into condominiums but returned buyers deposits due to a market slowdown in 2017. HFZ is also facing a lawsuit from Morgans Hotel Group for more than $935,000 in unpaid bills concerning the Miami property.
-While former Vanity Fair editor Graydon Carter jumped on the Fake News bandwagon claiming Ivanka and Jared will be shunned by New York society, the Kushners continue planning their perfect post-presidential life. In fact, Graydon, who is residing in France, says he will return to New York next month now that Donald Trump is no longer president. However, Carter who was forced out of Vanity Fair in 2017, is the one no longer welcome back in New York society as it was revealed he quashed the Jeffrey Epstein child abuse story in 2003-when Epstein would have been stopped in his tracks. I am willing to bet Graydon won’t even be invited to the Vanity Fair Oscar party which he spearheaded with Steve Tisch in 1994. Unlike Carter, Jared and Ivanka are thriving as they recently purchased a $31 million plot of land in Miami Dade County, Florida from singer Julio Iglesias. According to Page Six the property is located in the highly exclusive Indian Creek which will put them in close proximity to billionaire Carl Icahn and model Adriana Lima. The couple relish their privacy, and despite numerous reports claiming they fear being shunned they will be the ones doing the shunning as they choose to spend time with family and close friends.
-Talk show host Ellen DeGeneres, who received epic backlash for her toxic workplace culture, has been revealed to be the purchaser of Dennis Miller’s $49M Montecito Estate in September. Who can forget Ellen complaining that being stuck in her multimillion-dollar Los Angeles mansion during quarantine was akin to being in prison. Ellen, along with her partner Portia de Rossi, remains one of the most active home flippers in California. Her new property has three parcels, a lily pond, swimming pool, and numerous standalone structures-it’s good to be Ellen.
California’s sales have been “hot hot hot” as Rob Lowe sold his Montecito home for $45.5 million in October, Elvis Presley’s former home sold for $29.3 million in August 2020, Anthony Hopkins sold his 4,000 square foot Malibu home for $10.5 million this summer and Jeff Bezos bought the $165 million home of David Geffen in February. The prices keep skyrocketing despite or perhaps because of the pandemic as low inventory and even lower interest rates spur younger buyers sick of being confined to small apartments to enter the housing market.
-Miami Art Week which this year was themed “Zombie Art Basel” continues its frenzied pace as carefree partygoers engage in some much-needed revelry while viewing pop-up galleries in the Design District and Moore gallery. According to Page Six, a Sunday night ticketed art party at the Nautilus Hotel was closed down by police due to throngs of maskless attendees crowding the narrow entryways. For those seeking a more staid alternative you would be remiss to think exciting art is confined to Miami. The Norton Museum of Art along with Pace, Aquavella, Paula Cooper Gallery, Sotheby’s and Lehmann Maupin have all opened locations in Palm Beach. Artnet News has predicted “Palm Beach will reign supreme as the nation’s art world capital for the winter.” Even mega-collector and casino magnate Steve Wynn has joined the fray in opening a Wynn Fine Art gallery on Worth Avenue. Palm Beach County is home to more than 70,000 millionaires as Citadel chief Ken Griffin has moved much of his operation to the Four Seasons Trading floor; along with Elliott Management which has relocated its headquarters to West Palm Beach. Blackstone is opening a Miami office with Goldman Sachs similarly eyeing a Sunshine State move to either Miami or Palm Beach.
