Toby Moskovits’ Williamsburg Hotel enters bankruptcy

Heritage Equity fell behind on loan for the property

New York /
Feb.February 23, 2021 01:15 PM
Heritage Equity Partners' Toby Moskovits and the Williamsburg Hotel at 96 Wythe Avenue (Moskovits via Sasha Maslov; Hotel via Williamsburg Hotel)

Heritage Equity Partners’ Toby Moskovits and the Williamsburg Hotel at 96 Wythe Avenue (Moskovits via Sasha Maslov; Hotel via Williamsburg Hotel)

 

Toby Moskovits’ distressed Williamsburg Hotel has entered into bankruptcy.

Heritage Equity Partners, under the LLC 96 Wythe Acquisition, filed for Chapter 11 protection Tuesday for the 147-room hotel at 96 Wythe Avenue, according to a filing in New York’s Southern District federal court in Manhattan.

The filing lists assets between $50 million and $100 million and liabilities just shy of $80 million. The largest creditor is Benefit Street Partners, which provided Heritage with a $68 million loan in 2017.

Moskovits could not be immediately reached for comment.

Real estate consultant David Goldwasser of FIA Capital Partners is listed as the hotel’s chief restructuring officer. He was also the restructuring officer for Cornell Realty Management’s Tillary Hotel in Downtown Brooklyn when it filed for bankruptcy in December.

Goldwasser was not immediately available to comment.

While hotels have taken a battering from the coronavirus, the Williamsburg Hotel’s troubles predate the pandemic.

Heritage defaulted on its $68 million mortgage in 2019, and a New York state court approved a request by Benefit Street Partners to put the hotel into receivership. The dispute escalated in early 2020, with Benefit Street alleging that the court-appointed receiver allowed Moskovits to retain control of the hotel’s finances.





    Related Articles

    arrow_forward_ios
    Larry Korman and Joe Lubeck (iStock)
    Electra America, AKA launch $500M hotel fund
    Electra America, AKA launch $500M hotel fund
    Steve Witkoff and Ian Schrager in front of the iconic PUBLIC hotel escalators. (PUBLIC, Getty)
    EB-5 fund alleges Schrager, Witkoff siphoned money from Public Hotel
    EB-5 fund alleges Schrager, Witkoff siphoned money from Public Hotel
    Best Buy has closed about 20 of its big-box stores in each of the past two years (iStock)
    Best Buy lays off 5,000 staffers, increases store closures
    Best Buy lays off 5,000 staffers, increases store closures
    Ryan Serhant and Gary Barnett on Development Slowdown in Pandemic
    Coffee Talk: Extell’s Gary Barnett and Ryan Serhant
    Coffee Talk: Extell’s Gary Barnett and Ryan Serhant
    (Photo illustration by The Real Deal)
    Underwater hotel owners are walking away from their properties
    Underwater hotel owners are walking away from their properties
    Cushman & Wakefield CEO Brett White
    Cushman reports 10% drop in revenue in 2020
    Cushman reports 10% drop in revenue in 2020
    Central Queens Academy's Ashish Kapadia and United's Chris Jiashu Xu with a rendering of 88-08 Justice Avenue (Linkedin, iStock)
    Charter school takes 85K sf in Queens condo building
    Charter school takes 85K sf in Queens condo building
    (IStock illustration by Kevin Rebong)
    Smaller cities look to cash in on shift to remote work
    Smaller cities look to cash in on shift to remote work
    arrow_forward_ios

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

    Loading...