MAve Hotel in NoMad for sale through court auction

TRD New York /
May.May 15, 2013 12:30 PM

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


Related Articles

arrow_forward_ios
(iStock)

Half empty or half full? Hotel occupancy rate nears 50%

Half empty or half full? Hotel occupancy rate nears 50%
The W Hotel at 8 Albany Street (Google, Facebook)

W Hotel in downtown Manhattan closes forever

W Hotel in downtown Manhattan closes forever
Robert De Niro and 377 Greenwich Street (Getty, Google Maps)

Robert De Niro says Nobu, Greenwich Hotel are struggling

Robert De Niro says Nobu, Greenwich Hotel are struggling
The economy beat expectations in June, adding 4.8 million jobs, with retail and hospitality leading the way. But a surge in coronavirus infections threatens further gains. (Getty)

Retail and hospitality led June job gains as virus surged

Retail and hospitality led June job gains as virus surged
Alex Sapir with the NoMo Soho hotel at 9 Crosby Street (Nomo Soho)

Sapir Corp’s earnings highlight challenges facing NYC hotels

Sapir Corp’s earnings highlight challenges facing NYC hotels
The rate of job loss in America has stabilized, even though businesses continue to hemorrhage employees at unprecedented levels. (iStock)

Unemployment filings stabilize — but at record highs

Unemployment filings stabilize — but at record highs
GFI Capital CEO Allen Gross and the James Hotel at 22 East 29th Street (Google Maps)

GFI Capital takes majority stake in James Hotel in $110M deal

GFI Capital takes majority stake in James Hotel in $110M deal
Federal Reserve Chairman Jerome Powell (Getty, iStock)

Real estate stocks outperform broader market but still sink

Real estate stocks outperform broader market but still sink
arrow_forward_ios

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

Loading...