Shoreham Hotel in Midtown up for grabs in foreclosure sale

Ark Partners lost 177-key property at 33 West 55th St.

New York /
Jun.June 08, 2017 02:10 PM

The Shoreham Hotel in Midtown is on the market after the special servicer on the property’s mortgage foreclosed on borrower Ark Partners last month.

The 177-key property at 33 West 55th Street is on the market with Steven Vazquez of NAI Global, the Commercial Observer reported.

Ark Partners’ $32.8 million loan on the property went into special servicing in August 2014, and the servicer completed foreclosure on early last month, according to CO.

Through the end of November 2016, net operating income for the property was negative $3.3 million on revenues of $8.9 million, according to Trepp data. Occupancy was 77.1 percent year-to-date with average daily rates of $183.52.

As of April, Ark Partners was also facing foreclosure on its 126-key Mansfield Hotel at 12 West 44th Street, as The Real Deal originally reported. In recent months, signs of distress have been popping up in pockets of the city’s real estate market. [CO]Rich Bockmann


Related Articles

arrow_forward_ios
Real estate powers Blackstone’s best quarter ever
Real estate powers Blackstone’s best quarter ever
Real estate powers Blackstone’s best quarter ever
Terreno Realty CEO W. Blake Baird and an aerial of the property (Google Maps)
Terreno Realty pays $44M for NJ industrial site
Terreno Realty pays $44M for NJ industrial site
Madison Realty Capital Co-Founders Josh Zegen and Brian Shatz with a rendering of the River North development (Madison Realty Capital, FXCollaborative)
Madison Realty’s altered plans for SI complex approved
Madison Realty’s altered plans for SI complex approved
Pandemic forces mom-and-pop landlord to sell out
Pandemic forces mom-and-pop landlord to sell out
Pandemic forces mom-and-pop landlord to sell out
PBC's Eli Elefant and 452 Fifth Ave (PBC)
Elefant’s PBC to liquidate $2B in US real estate, including HSBC building
Elefant’s PBC to liquidate $2B in US real estate, including HSBC building
Chinese developer willing to sell Manhattan supertall site at big loss
Chinese developer willing to sell Manhattan supertall site at big loss
Chinese developer willing to sell Manhattan supertall site at big loss
SL Green CEO Marc Holliday, Chelsea Piers Fitness CEO David Tewksbury and One Madison Avenue (Getty, SL Green)
Chelsea Piers is coming to SL Green’s One Madison
Chelsea Piers is coming to SL Green’s One Madison
The Princeton Club flag in front of 15 West 43rd Street (Google Maps)
Paper Tigers: Princeton Club defaults on $39M mortgage, may lose digs
Paper Tigers: Princeton Club defaults on $39M mortgage, may lose digs
arrow_forward_ios

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

Loading...