Photo: Patrick McMullan
Back in the late nineties, Adam Hochfelder was the golden child of commercial real estate in New York — less than ten years out of college, he had amassed an exceedingly impressive portfolio (which included Harry Helmsley’s office tower at 230 Park Avenue and the former Condé Nast Building at 350 Madison Avenue) and was reportedly worth billions. “It’s mind-boggling that he’s so young and he has so many things going for him,” a colleague told the Observer. Not so much anymore. A few years ago Hochfelder began defaulting on loans and getting sued by business associates, and yesterday, the district attorney’s office arrested him, alleging that he stole “more than $17 million from a panoply of banks and individuals,” among other things. He’ll be charged with grand larceny, and could go to prison for up to 25 years. “He’s an exceptionally charming guy,” his former business partner, developer Richard Kalikow, told the Sun. We’ll see if the judge thinks so.
Arrest Furthers Real Estate Star’s Fall [NYS]
Related: Power Punk: Adam Hochfelder [NYO]
