??Nir Meir’s wife breaks her silence; Times Square hotel foreclosed on … and more

Here’s THE RUNDOWN:??

?? The spate of accusations against ex-HFZ exec Nir Meir keeps growing. Meir’s estranged wife, Ranee Bartolacci, detailed Meir’s misbehavior in a recent court filing, adding to already dramatic allegations.?

?? Lenders are foreclosing on a Times Square hotel after the owner failed to repay a $750 million loan. Foreclosure isn’t the first issue for 20 Times Square, though. In fact, it was once at the center of one of the biggest fiascoes in New York real estate history.

?? Veritas was known for its massive San Francisco portfolio–until it defaulted on $1 billion in loans tied to it. Now it could face similar issues in Los Angeles.

?? Selling luxury residences in South Florida is a year-round business. In the summertime, buyers leave the Sunshine State for cooler climes. But developers and brokers aren’t afraid to track them down.

?? Followers have watched for WeWork’s crash for years. But the firm’s death has turned into a long and gradual decline–and it’s still dragging down a host of real estate players and investors even as it faces delisting.

??? It’s MLS and MLB season, and players are making moves. International soccer star (and Messi’s teammate) Sergio Busquets bought a South Florida home. Meanwhile, a purchase by Yankees shortstop Anthony Volpe raised uncomfortable questions for one agent.

THE DETAILS:

?? Nir Meir’s wife breaks her silence

Nir Meir’s story has long contained strange and troubling allegations. He’s been accused of faking wire transfers and hiring someone to impersonate a Korean investor. But the former HFZ exec’s tale is still incomplete. Now a legal filing by Ranee Bartolacci, Meir’s estranged wife, has filled in some of the missing pieces. The filing includes details of the expensive, hedonistic lifestyle lived while battling creditors to his failed firm. He also allegedly kept his wife in the dark as legal troubles expanded, encircling Bartolacci. Meanwhile, Meir claims his wife willingly came along for the wild ride.

?? Lenders file to foreclose on Times Square hotel

20 Times Square is the site of one of the biggest disasters in New York real estate history. Now, lenders are looking to foreclose on the building after Maefield Development failed to repay a $750 million loan on the property. The project’s troubles range from poor timing — the hotel opened just before the pandemic’s onset — to incompetence. In an odd twist, Maefield ended up as the building’s tenant and landlord, a conflict of interest that left it paying rent to itself.

?? Veritas has troubled loans in San Francisco. Is LA next??

San Francisco's Veritas Investments faces challenges with its Southern California apartment portfolio as rising interest rates strain debt payments. Income from 11 Los Angeles complexes falls short of covering monthly payments due to elevated debt costs. Veritas aims to extend the loans while the commercial real estate sector grapples with increased debt obligations amid surging interest rates. The firm also experienced defaults on $1 billion of loans in San Francisco.?

?? Follow the money: Where South Florida developers, brokers court clients during the summer

In the summertime, South Florida's ultra-luxury buyers can be found far away from the state’s newest condos. Instead, they prefer to spend the hottest months in the Hamptons, Aspen, and Europe. Developers and brokers follow them, organizing lavish parties and events to connect with potential buyers. It’s not all fun and games, though. The migration pattern has become a critical part of the process of selling to the region’s elite.

?? These real estate firms lost the most on WeWork

When WeWork went public in 2021, Cushman & Wakefield invested $150 million in the coworking firm. When Cushman reported first-quarter earnings, they revealed that the investment was now worth $3.8 million. The commercial brokerage is far from the only investor to lose big on Adam Neumann’s venture, though, as WeWork’s market cap has plummeted from $8 billion to just $275 million. The list of biggest losers includes other industry players, venture funds, and a former NBA champion.

?? Busquets buys in South Florida + Volpe deal in doubt

When Lionel Messi moved to Inter Miami, he brought a few former teammates with him, including midfielder Sergio Busquets. The Spanish athlete is putting down roots in the region, it seems, buying an $8.7 million home in Broward County, about 5 miles away from his club’s Fort Lauderdale stadium and near where Messi himself is reportedly looking at homes.

In New York, Compass agent Ariel Mahgerefteh claimed he sold an Upper West Side condo to Yankees shortstop Anthony Volpe. The agent said he met Volpe, and that the rookie planned to move into the Manhattan space. But the buyer’s agent has presented a different story, throwing doubt on Mahgerefteh’s account of the deal.

THE CLOSE:

As Nir Meir’s numerous legal battles rage on, more details will become clear. What will they reveal about Meir’s rampant lifestyle? Keep reading TheRealDeal.com to find out.