Loans on Alexico-owned hotels hit market

TRD New York /
Jun.June 08, 2010 12:15 PM
Louise Sunshine and the Mark

Anglo Irish New York is quietly selling loans on three upscale
hotels owned by Alexico Group totaling $350 million
to $400 million, industry sources told Crain’s. It was
unclear if Alexico had defaulted on one or more of the loans
associated with the properties, which are the Mark Hotel on East 77th
Street,The Alex Hotel On East 45th Street and the Flatotel
on West 52nd Street. But sources familiar with the deal said the
prospective buyers were only interested in the mortgages because they
hoped to eventually foreclose on the company. Alexico, where industry veteran Louise Sunshine is director of development, recently
invested at least $100 million into renovating the 16-story Mark, hotel. It planned to convert some suites into private
residences that it would sell to pay off debt, but fell short of the
cash it needed and borrowed $255 million from Anglo Irish. The other
hotels don’t appear to have the same issues as the Mark. However,
Alexico has had problems with some of its residential developments
such as the Laurel condos
on the Upper East Side, where buyers have filed lawsuits to break
contracts. [Crain’s]

 

Related Articles

arrow_forward_ios
Developers pivot from broker happy hours to drive-thrus, virtual sales launch events and more

Developers pivot from broker happy hours to drive-thrus, virtual sales launch events and more

Developers pivot from broker happy hours to drive-thrus, virtual sales launch events and more
Louise Sunshine sells her Miami Beach penthouse at a “tremendous loss”

Louise Sunshine sells her Miami Beach penthouse at a “tremendous loss”

Louise Sunshine sells her Miami Beach penthouse at a “tremendous loss”
Louise Sunshine on selling out the Four Seasons projects and going on nine dates in one day

Louise Sunshine on selling out the Four Seasons projects and going on nine dates in one day

Louise Sunshine on selling out the Four Seasons projects and going on nine dates in one day
Seller who tried to flip two 56 Leonard penthouse pads will take a loss

Seller who tried to flip two 56 Leonard penthouse pads will take a loss

Seller who tried to flip two 56 Leonard penthouse pads will take a loss
December continues to be harsh for Manhattan’s luxe resi market: Olshan

December continues to be harsh for Manhattan’s luxe resi market: Olshan

December continues to be harsh for Manhattan’s luxe resi market: Olshan
Trucking exec sues for missing breakfast bar and private elevator at 56 Leonard

Trucking exec sues for missing breakfast bar and private elevator at 56 Leonard

Trucking exec sues for missing breakfast bar and private elevator at 56 Leonard
New CMBS issuance in June hit $3.4B in New York

New CMBS issuance in June hit $3.4B in
New York

New CMBS issuance in June hit $3.4B in
New York
An unknown buyer paid $800K above ask for 56 Leonard’s priciest penthouse

An unknown buyer paid $800K above ask for 56 Leonard’s priciest penthouse

An unknown buyer paid $800K above ask for 56 Leonard’s priciest penthouse
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...