Solly Assa snaps up another Suky-owned property at bankruptcy auction

Mixed-use Midtown buildings traded for $9.5M

TRD New York /
Jan.January 06, 2014 02:05 PM

A pair of Midtown buildings formerly controlled by real estate developer Ben Zion Suky, the right-hand man of embattled Rabbi Yoshiyahu Pinto, sold at auction to Solly Assa’s Assa Properties for $9.5 million, The Real Deal has learned.

David Schechtman and Lipa Lieberman of commercial brokerage Eastern Consolidated represented Suky in the sale and procured the buyer.

Suky acquired the Restaurant Row buildings, at 334-336 West 46th Street, for $2.63 million in 2004, records show, but filed for Chapter 11 bankruptcy protection at the property in April 2012. Mark Frankel, the attorney who managed Suky’s bankruptcy filing, declined to comment.

The sale came close to satisfying Suky’s creditors. Suky had liabilities at the property totaling $12.53 million, according to his 2012 bankruptcy filing.

The property is one in a series of misfires for Suky in recent years. The developer lost control of a condominium building at 215 East 81st Street and of the the Mave Hotel, a boutique hotel property at 62 Madison Avenue, last year.

The Mave Hotel was also purchased by Assa. That deal closed in October, for $28.45 million, public records show.

Schectman told The Real Deal that there were three accredited bidders present at the open auction, which “yielded a sub 4 cap rate and a wonderful result, satisfying all the first and second mortgages and part of the third.”

The two adjoining buildings, totaling 9,299 square feet, contain 10 residential units and one commercial unit occupied by the Irish pub O’Flaherty’s. The property has 14,901 square feet of unused development rights, according to previous reports.

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