The Real Deal New York

MAve Hotel in NoMad for sale through court auction

May 15, 2013 12:30PM

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MAve Hotel

The MAve Hotel in NoMad has hit the market and could go for about $30 million through a bankruptcy court auction, the New York Post reported.

The 62 Madison Avenue property, near East 27th Street, was formerly owned by an entity controlled by Livorno Properties principal Ben Zion Suky and Roxy Deli owner Joseph Ben Moha. Marc Magazine of Savills Hospitality is marketing the 12-story, 72-room hotel, which features two penthouse suites, a fitness center and roof access. First-round bids for the boutique hotel are due June 14.

Madison Hotel Owners bought the property in 2008 for $32 million, renovated it for $7 million the next year, and lost it in 2011 following a foreclosure suit. An auction of the property’s mezzanine debt was originally scheduled for May 2011, but Madison Hotel Owners filed for Chapter 11 bankruptcy protection the day before the auction.

Suky is a close associate of Rabbi Yoshiyahu Yosef Pinto, the embattled advisor to numerous New York City real estate players, and his wife, Debora Rivka Pinto. [NYP, 2nd item]Mark Maurer

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