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Adam C. Hochfelder

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Adam Hochfelder
Born
Adam C. Hochfelder

1971 (age 52–53)
Old Westbury, New York
Occupation(s)Managing Director, Real Estate
Years active1996–present

Adam C. Hochfelder (born 1971) is an American real estate executive who co-founded the real estate firm Max Capital in 1996, with members of the powerful Kalikow real estate family. At its peak, Max Capital had ownership or management stakes in 8,000,000 square feet (740,000 m2) of space, including the Helmsley Building and the Conde Nast Building.[1] His portfolio was valued at as much as $2.7 billion at its peak. Some of the nation's largest institutions invested side by side with Hochfelder including JP Morgan, Citigroup, Wells Fargo, Goldman Sachs, Credit Suisse and Fidelity.[2][3][4] He bought out Peter S. Kalikow from his partnership because of a soured relationship in 2002. Hochfelder paid Kalikow $35 million, of which $18 million was Hochfelder's own money, and he borrowed [2] $17 million from banks to help finance the buyout of Kalikow. Some of the loans were improperly collateralized. Although nobody knew a crime had been committed, Hochfelder voluntarily turned himself in and paid back all of the money in question. He was convicted of larceny, through a guilty plea, on May 21, 2010. He was 39 years old at the time. He was sentenced to prison on September 20, 2010 for a minimum of 2 years and eight months.[1][2] Hochfelder was known as the Wharton Whiz kid for his ability to financially structure and acquire some of NYC's largest properties. Several times he out-maneuvered NYC's biggest landlords, like Donald Trump and Bernard H. Mendik, to acquire properties such as the Helmsley Building, the Associated Press Building, the Tommy Hilfiger Building and Westin Aruba Resort and Casino.

Currently, Hochfelder is the Managing Director of Real Estate Acquisitions & Development at Merchants Hospitality.[5]

Deals

After becoming the co-CEO of Max Capital, in 1998, Hochfelder acquired 230 Park Avenue for around $300 million. This 1929 tower was a former Helmsley property, and Hochfelder worked with the Bass family to pay for it. Later in 2005, a Dubai prince bought it for $705 million.[6]

In 1999, Mr. Hochfelder purchased the 1440 Broadway near Times Square for $152 million.[7]

In 2000, he was involved in the development of the multiple luxury hotel properties including the Hyatt Andaz at 485 Fifth Avenue in NYC.

In 2002, Hochfelder acquired multiple residential properties in New York and Chicago worth $740 million.[8] His other acquisitions include the former Condé Nast building at 350 Madison Avenue ($180 Million).[9][10]

In 2003, Hochfelder purchased a massive building adjacent to Grand Central Terminal, the 237 Park Avenue for $455 million. He purchased this building known for its soaring, glass-roofed interior for a relatively low price, $379 a square foot - compared to $600 a square foot Boston Properties paid in 2002 for 399 Park Ave.[9][11] The same year he made a deal with Texas investors to pay $320 million for full control over 450 West 33rd Street, home to the Daily News and the Associated Press.[9]

In 2005, he successfully acquired the Tommy Hilfiger Building for $88. This was a 185,000-square-foot office building at the northeast corner of 41st Street, overlooking the New York Public Library's main branch at 485 Fifth Avenue.[6][12][13]

In 2006, Hochfelder acquired the Westin Aruba Resort and Casinoin the Caribbean from Oswaldo Cisneros, CEO of Pepsico South America.[14]

In 2013, Hochfelder partnered with Eric Hadar and together they acquired the 1619 Broadway Brill Building, a $185 Million Retail and Office Building in Times Square.[15] Later that year, they sold it for $250 million. [16]

In 2015, Mr. Hochfelder is responsible for the $110 million acquisition and assemblage of 1802-1810 Second Avenue, which is slated to be Manhattan’s first super-luxury Senior Living Facility.[17][18]

Mr. Hochfelder was also responsible for the acquisition of 2412 Broadway, a luxury residential apartment building on the Upper West Side and for Merchants Hospitality’s acquisition of the Global Hospitality & Restaurant Brand, Philippe Chow located in NYC and East Hampton.[19][20]

Personal life

Born to a Jewish family,[21] Hochfelder was raised on Long Island, in Old Westbury, NY. In 1993, he graduated from University of Pennsylvania's Wharton School of Business. He was married to Amy Meadow, with whom he had two sons. They were divorced in 2009.[4] Hochfelder funded the development of the NYC Parenting Center which aids first time mother's in need. Hochfelder has developed low-income housing in New York and Philadelphia. He has contributed to HELP USA, and has been an active coach in youth sports in Manhattan. Hochfelder was featured in the NYC Skyscraper Museum and has been honored by several national charities for his involvement and contributions to multiple causes.[22]

References

  1. ^ a b Haughney, Christine (September 20, 2010). "High Flier in Real Estate Is Sentenced for $17 Million Theft". The New York Times. Archived from the original on 24 September 2010. Retrieved 2010-09-24. {{cite web}}: Unknown parameter |deadurl= ignored (|url-status= suggested) (help)
  2. ^ a b c Haughney, Christine (May 22, 2010). "Ex-Executive Pleads Guilty to Stealing $18 Million". The New York Times. Retrieved 2010-09-24.
  3. ^ Golson, Blair (2003-12-14). "Power Punk: Adam Hochfelder". The New York Observer. Retrieved 2010-09-22.
  4. ^ a b Haughney, Christine (February 28, 2010). "Hochfelder's Fast Rise and Fall in Real Estate". The New York Times. Retrieved 2010-09-24.
  5. ^ "Adam Hochfelder, Merchants Hospitality". Retrieved 2015-10-28.
  6. ^ a b "Manhattan Mogul Sees Fortunes Fall in Real Estate". WSJ. 2005-12-31. Retrieved 2015-10-28.
  7. ^ "Metro Business; 1440 Broadway Is Sold". The New York Times. 1999-10-06. Retrieved 2015-10-28.
  8. ^ "Max Capital Captures $744M In Offices". CoStar. 2002-07-24. Retrieved 2015-10-28.
  9. ^ a b c "Power Punk: Adam Hochfelder". Observer. 2003-10-13. Retrieved 2015-10-28.
  10. ^ "YOUNG CROWD ON MOVE IN REAL ESTATE GETTING CAREER UP TO SPEED". NEW YORK DAILY NEWS. 2002-07-02. Retrieved 2015-10-28.
  11. ^ "MAX CAPITAL SNAPS UP PARK AVE. ATRIUM FOR $455M". New York Post. 2003-10-13. Retrieved 2015-10-28.
  12. ^ "Development - Belfonti Properties". Retrieved 2015-10-28.
  13. ^ "News - Belfonti Capital Partners". Retrieved 2015-10-28.
  14. ^ "Belfonti Capital Partners Acquires Former Wyndham Resort, Spa & Casino on Island of Aruba in $230 Million Transaction; Plans to Renovate and Rebrand to Westin". Hotel Online. 2006-05-09. Retrieved 2015-10-28.
  15. ^ "Eric Hadar, partners buy Brill Building for $185M". The Real Deal. 2013-02-13. Retrieved 2015-10-28.
  16. ^ "Allied Partners, Brickman Pay $250M For NYC's Brill Building". Law360. 2013-06-12. Retrieved 2015-10-28.
  17. ^ "Merchants Hospitality Closes on a Five-Property Manhattan Portfolio". PR Newswire. 2015-08-15. Retrieved 2015-10-28.
  18. ^ "Luxe living planned for seniors on the Upper East Side". New York Post. 2015-06-26. Retrieved 2015-10-28.
  19. ^ "Phillipe - New York City - Merchants Hospitality Inc". Retrieved 2015-10-28.
  20. ^ "Celebrity Hotspot, Philippe, Making Its Hamptons Debut Memorial Day Weekend 2015". Hamptons.com. Retrieved 2015-10-28.
  21. ^ New York Times: "NEIGHBORHOOD REPORT: EAST SIDE; Christians and Jews Debate A Holiday Staple Gone Dark" By ERIKA KINETZ December 29, 2002
  22. ^ "The THRIVE Network Will Honor Four New York Celebrities for Their Humanitarian Efforts". Business Wire. 2015-10-12. Retrieved 2015-10-28.
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