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New York

Shoreham Hotel in Midtown up for grabs in foreclosure sale

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

Shoreham Hotel at 33 West 55th Street (Credit: Shoreham)
Shoreham Hotel at 33 West 55th Street (Credit: Shoreham)

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.

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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

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Commercial Real EstateForeclosuresHotel Market