Developers May Lose Two Manhattan Hotels After Foreclosure Ruling
From Bloomberg
Developers May Lose Two Manhattan Hotels After Foreclosure Ruling
New York developers Simon Elias and Izak Senbahar may lose two boutique hotels in midtown Manhattan after a state judge cleared an investor group to proceed with foreclosure on the properties.
Justice Joan Madden of state Supreme Court ruled Jan. 11 that the investors can foreclose on the Alex, a 205-room hotel on East 45th Street, and the 272-room Flatotel on West 52nd Street.
The investors’ group sued the developers in 2010, seeking to recover principal and interest on loan agreements related to the hotels that the group bought from Anglo Irish Bank Corp., which was nationalized in 2009 and is being wound down over a decade. Click here for the full story.
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