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Manhattan Condo Developer May Face Foreclosure on Four Projects

  • Loans on HFZ Capital properties set for auction in November
  • Sales have struggled in market glutted with luxury apartments
88 and 90 Lexington Ave.
88 and 90 Lexington Ave.Source: 88and90lex.com

One of Manhattan’s most prolific condo developers is facing potential foreclosure on four properties, after years of laggard sales -- and a lender finally fed up waiting for returns.

An $89.5 million slice of junior mezzanine debt tied to projects by Ziel Feldman’s HFZ Capital Group will be sold at a public auction on Nov. 12, according to brokerage Newmark Knight Frank, which is promoting the offering. Public sales are typically ordered for loans that are in default.