FELDMAN AND PARIENTE CELEBRATE SETAI WALL STREET'S RETURN

by Adam Fusfeld, The Real Deal
Date Publish: Thursday July 28, 2011

 HFZ Capital Group head Ziel Feldman held a party on the rooftop of the Setai Wall Street last night, along with Elie Pariente principal at the building's marketing firm Synergy New York, to celebrate its recent return to the market (see photos above). The Zamir Equities-developed project at 40 Broad Street in the Financial District was converted to a 159-unit condominium in 2009, but Zamir defaulted on the $147 million loan attached to the building in 2010. Attorney General Eric Schneiderman halted closings to investigate the financing situation and the building was taken off the market. 

The financial trouble preceded by construction turmoil that caused some initial buyers to back out of their contracts, and a lawsuit by the Setai Group brand alleging "substandard quality." 

But the 34-story property appears to be on solid footing since HFZ and Acro Group scooped up the loanfrom Irish Anglo Bank for $80 million this April, and HFZ recently recapitalized the building. It returned to the market last week. 

"We've repositioned and invested in this property because it's a premiere asset that delivers tremendous value to the buyer," Feldman said. "We believe that the Setai Wall Street's amenities, finishes and price points are simply unparalleled." 

Setai Wall Street is 60 percent sold, according to Synergy, and Streeteasy.com shows 13 active sales listings ranging from $849,000 for a 774-square-foot studio to $2.99 million for a four-bedroom, 2,438-square-foot penthouse. The website also shows 22 active rental listings ranging from $2,500 to $6,295 per month. 

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