The Real Deal New York

Ashkenazy lands $92M loan from Bank of Ozarks for UWS hotel buy 

Developer acquired the Nylo hotel from Lehman Brothers for $140M 
July 05, 2016 06:10PM

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Ben Ashkenazy and the NYLO Hotel on the Upper West Side

Ben Ashkenazy sealed up his deal to buy the Nylo New York City Hotel on the Upper West Side with a $92 million acquisition loan from the Bank of the Ozarks.

Ashkenazy Acquisition Corp. landed the $92.3 million loan from the Arkansas-based bank for its purchase of the 16-story, 291-key hotel at 2178 Broadway, the Commercial Observer reported.

Representatives for Ashkenazy and the bank were not immediately available for comment to the Observer.

The Midtown-based development firm picked up the hotel last month for about $140 million, as The Real Deal reported.

The seller was a trust affiliated with the defunct investment bank Lehman Brothers, which took control of the formerly named On the Ave in 2011 through a deed in lieu of foreclosure deal valuing the property at $191.1 million.

Lehman Brothers then invested about $20 million in renovations and rebranded the hotel in 2013. Room rates at the four-star hotel start at $149 per night, according to the Nylo website.

The building is also home to the Italian restaurant Serafina and Chinese eatery RedFarm. [CO]Rich Bockmann