MAve foreclosure auction stalled by bankruptcy proceedings

New York /
May.May 17, 2011 03:08 PM

The foreclosure auction of a piece of defaulted mezzanine debt on the Flatiron District’s MAve Hotel at 62 Madison Avenue between 27th and 28th streets, was postponed today when the property’s developers filed for Chaper 11 bankruptcy, according to Crain’s.

Madison Hotel Owners, purportedly the public face of Joseph Ben Moha, the owner of Roxy Deli, and Benzion Suky, a principal at Livorno Properties, filed late last night, according to court documents. The developers have total liabilities of $9.3 million, the documents revealed.

As The Real Deal previously reported, a Supreme Court judge approved a foreclosure judgment against the hotel in April. The collateral was to be marketed though the New York office of London-based Savills plc.

John Cuticelli, chief executive of Sheldon Good & Co., the company conducting the auction with Savills, told Crain’s: “We were prepared to go forward… We will keep our prospective bidders informed and [are] confident that this auction will happen.” [Crain’s]


Related Articles

arrow_forward_ios
Capstone Equities' Joshua Zamir and Renwick Hotel at 118 East 40th Street (TripAdvisor)
New owner Capstone revives Midtown’s Renwick Hotel
New owner Capstone revives Midtown’s Renwick Hotel
Jonathan Goldstein, CEO, Cain International and 356 West 58th Street (Cain International, Google Maps)
Midtown’s Hudson Hotel slated for mixed-use redevelopment
Midtown’s Hudson Hotel slated for mixed-use redevelopment
Parkview’s Paul Rahimian and 1800 Avenue at Port Imperial (Parkview Financial, Handel Architects, Illustration by Kevin Cifuentes for The Real Deal)
Chinese developer Hongkun faces foreclosure on luxury NJ condo
Chinese developer Hongkun faces foreclosure on luxury NJ condo
Joseph Chetrit and 98 Montague Street in Downtown Brooklyn (Credit: Getty Images and Google Maps)
Brooklyn’s iconic Bossert Hotel facing foreclosure
Brooklyn’s iconic Bossert Hotel facing foreclosure
Strong month for US economy, but hospitality hiring slows
Jobs report shows more workers returning to office
Jobs report shows more workers returning to office
Related's Stephen Ross, the Gregory Hotel at 42 West 35th Street and Meadow Partners’ Jeffrey Kaplan (Getty, Google Maps, Meadow Partners)
Related sues Meadow after foreclosure on Garment District hotel
Related sues Meadow after foreclosure on Garment District hotel
Hotel Trades Council's Rich Maroko and Mayor Eric Adams (Getty, iStock)
Hotel bill is union’s latest effort to boost market share
Hotel bill is union’s latest effort to boost market share
Extell Development's Gary Barnett. Bluestone Group's Eli Tabak and 605 West 45th Street (Google Maps. LinkedIn, Extell Development)
Gary Barnett hunts lucrative Hell’s Kitchen assemblage
Gary Barnett hunts lucrative Hell’s Kitchen assemblage
arrow_forward_ios

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

Loading...