Prominent NYC Real Estate Developer and Executives Charged in $86M Fraud Scheme

Manhattan Prosecutors Allege Extensive Fraud Involving Luxury Condo and Office Projects


In a shocking turn of events, Manhattan prosecutors have indicted Nir Meir, a prominent New York real estate developer, and several industry executives for allegedly orchestrating an $86 million fraud scheme spanning several years. The charges include larceny, conspiracy, falsifying business records, tax fraud, and money laundering.

The case revolves around a failed luxury condo project named “The XI” and a 34-story office skyscraper called “29th & 5th,” both located in prime Manhattan locations. Prosecutors allege that Meir, who was the managing principal at HFZ Capital Group, diverted over $253 million in project funds to various LLCs controlled by HFZ, ultimately leading to a shortfall of more than $37 million owed to subcontractors.

To conceal the financial shortfall and deceive the project lender, Meir and other executives conspired to inflate invoices and misrepresent the progress of construction work. This scheme resulted in the release of additional funds to HFZ, totaling $6.5 million, according to prosecutors.


The indictment further alleges that Meir instructed HFZ accountants to forge bank account statements, falsely inflating balances to deceive investors and contractors. Additionally, Meir is accused of embezzling $24 million from an office tower project in NoMad and $4.6 million from investors for a fictitious project in San Francisco.

Furthermore, prosecutors claim that Meir defrauded the city of New York by instructing HFZ to stop paying property taxes, resulting in a loss of over $15.6 million to the city.

Manhattan District Attorney Alvin Bragg emphasized the seriousness of the allegations, describing the case as depicting “widespread fraud within the real estate industry primarily spearheaded by one man: Nir Meir.” Bragg pledged to continue rooting out individuals who engage in fraudulent activities that undermine investor trust and corrupt the market.

Meir was arrested in Miami Beach, Florida, and is currently in the process of being extradited to New York. Meanwhile, executives from Omnibuild, as well as HFZ and its associated individuals, have pleaded not guilty to the charges, signaling a complex legal battle ahead.