Westchester group lobs its own constitutional challenge to New York’s rent law
Juniper Time Investor LLC, a unit of Scottsdale, Arizona-based real estate investment firm IMH Financial, is seeking to be the new owner of the Time Nyack Hotel in Rockland County, LoHud reported. The IMF affiliate bid $18.53 million for the “embattled” hotel in an auction, according to the outlet, which last summer chronicled the 133-room Time Nyack’s descent into bankruptcy amid claims of financial impropriety involving a former manager. Juniper beat out Iowa-based Hawkeye Hotels, which bid $15 million for the Time Nyack. IMH “maintains high-end luxury boutique hotels and resorts” throughout the U.S. and Canada, including facilities in Sonoma, California, and Sedona, Arizona. LoHud reported that Time Nyack’s current owner, EMC Hotels and Resorts, is also in the middle of its own bankruptcy case. EMC, however, could end up holding onto the four-story hotel in Nyack if it offers a restructuring plan that is better than IMH’s bid, one of Time Nyack’s minority investors told the outlet. [LoHud]
