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Investor alleges HFZ diverted funds to save XI condo project

1 month ago   |   By The Real Deal New York

As HFZ Capital began to run into trouble with its twisting XI condo project in Chelsea, an investor alleges the company fraudulently diverted funds from another deal to keep it afloat. New York-based Arel Capital is suing HFZ Capital affiliates over a $7.3 million investment it made in four former HFZ Capital buildings in 2014. HFZ Capital was seeking to convert four pre-war rental properties into condos: at 88 Lexington Avenue; 90 Lexington; 301 West
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