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am Hochfelder was the baby-faced boy wonder who at the top of his game owned part of a Midtown office portfolio worth nearly $3 billion.
Now, he’s been indicted for allegedly forging documents and stealing millions of dollars from investors and lenders. The multiple charges come with possible prison terms of up to 25 years.
Some say he’s getting his just desserts for committing crimes and embarrassing the industry.
But other business colleagues and friends, whom the Manhattan District Attorney’s Office has accused him of victimizing, have written letters in support of Hochfelder. We’ve reviewed documents that detail his alleged good works and stress that he doesn’t deserve time in jail.
His best man, Ned Dubofsky, wrote to the judge that, contrary to the DA’s claims, Dubofsky wasn’t a victim and never lost money to Hochfelder.
“It is disturbing how the District Attorney can make incorrect statements in court and to the press,” Dubofsky wrote.
Hochfelder is engaged to be remarried and is consulting on deals for Heritage Realty’s Michael Aryea, who told us, “What good would it do if he was unable to work? His intentions are to make money and pay down his creditors. That’s from the bottom of his heart.”
In 2004, Hochfelder turned himself in to authorities, confessing that he had forged signatures on items like loan documents to raise millions to buy out his real estate partner, Richard Kalikow.
The DA has accused Hochfelder of using ill-gotten money to travel on private jets and pay private school tuition — charges he and his attorney vigorously deny.
“All the money went to Richard,” Hochfelder has told friends. “Unlike what the District Attorney is saying, I didn’t take a dime, and I’ve paid back $15 million and continue to do so.”
Hochfelder was advised by counsel not to comment to The Post.
In an e-mail, his attorney, Marc Agnifilo, said “Adam did the right thing by reporting his own conduct to the authorities and paying back over 80 percent of the money he borrowed under allegedly false pretenses. Ironically, he has the support of the people he allegedly victimized, who continue to conduct business with him. He has paid them back and will continue to do so.”
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The Queen of Skyscrapers is leading the pack with several new offerings — almost like the good old days.
Darcy Stacom of CB Richard Ellis, and her colleague Bill Shanahan, are bringing two more office buildings to market, Real Estate Finance & Investment reported.
Because of the worldwide interest in New York City office buildings, Stacom believes the Hines-owned 600 Lexington Ave., which totals 282,000 square feet, could sell for well over $700 a square foot. Hines paid a mere $91.6 million — $329 a square foot — in 2004 for the 1985-era 36-story tower.
The building is nearly filled with small offices for investment firms from around the world, including Ladder Capital and Daewoo Securities.
The second offering is expected to come from Shorenstein, which bought 125 Park Ave. from GE in 2004 for $225 million, or $373 a square foot. It has since upgraded the elevators and the lobby. This is a shorter but larger building with 597,000 square feet packed into 25 stories near Grand Central Terminal at East 42nd Street. Tenants include Newmark Knight Frank’s headquarters.
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Despite rumors that Israeli-based IDB Holding was trying to re-trade its deal to buy HSBC’s headquarters, the company says it got a loan commitment from Bank Leumi for $210 million that should be finalized in the next few weeks.
That will allow its subsidiaries, Property and Building and Koor Industries, to close in April on the $330 million purchase, which includes a 10-year leaseback from HSBC. Joseph Cayre is a local partner here in the city. Jones Lang LaSalle marketed the property.
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Clark Finney of Cushman & Wakefield took home the coveted Most Promising Commercial Salesperson of the year award from yesterday’s Real Estate Board of New York luncheon.
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Investment banking firm Sagent Advisors is moving within the 1.1 million square foot 299 Park Ave., and nearly doubling in size.
Sagent was founded by former Donaldson, Lufkin & Jenrette global merger partners Herald “Hill” Ritch and Joel Cohen, who retired a year ago.
Sagent will move to 44,432 feet encompassing the entire ninth floor and most of the eighth floor of the 42-story tower.
“We’re gutting it and building a new, very functional investment banking installation,” said Neil Goldmacher, newly named vice chairman of Newmark Knight Frank, who represented Sagent along with colleagues Dennis Karr and Brian Goldman. Sagent has been housed in 26,000 square feet on the 24th floor.
UBS subleased Sagent the new space while building owner Fisher-Park Lane extended the term past 10 years in order to stagger lease expirations in the building.
UBS has a large lease that ends in 2018 and re cently sold its nearly half interest in the tower to the Fisher family, who al ready controlled and managed the building.
NKF also repre sented Sagent when it expanded and opened offices in San Francisco, Chicago and Charlotte.
Douglas Lehman, Bob Alexander and Patrick Murphy of CB Richard Ellis led the teamwork for UBS, while Jack Whalen of Fisher Bros. handled the deal in-house. Area specialists report that UBS has been getting in front of the market and making aggressive, below-market deals due to the high level of competition along Park Avenue. [email protected]
