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New York

Rockland County’s troubled Time Nyack Hotel gets a new owner

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A month after bidding $18.53 million for the Time Nyack Hotel, affiliates of a Scottsdale, Arizona-based real estate investment trust and Juniper Capital Partners have officially purchased the distressed property, LoHud reported. The 133-room hotel’s former parent company, EMC Hotels and Resorts, filed for bankruptcy last year. Now Juniper and an affiliate of IMF Financial, both of which have extensive experience in the finance and hospitality sectors, have closed on their acquisition of the Time Nyack. The boutique hotel opened in May 2016 and was built out of a four-story toy factory that once stood at 400 High Avenue in Nyack, an area that LoHud noted is in the midst of a building boom. The Time Nyack is located almost directly across the Hudson River from the Edge-on-Hudson development in Sleepy Hollow. [LoHud]

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Westchester & Fairfield