The Real Deal Miami

Motel owner forecloses on self

March 28, 2011 10:45AM

The owner of the Shalimar Motel in Miami is seeking foreclosure on
himself. Lenders Oscar Gluck and Tikva Gluck, who own and manage 6200
Biscayne, which owns the motel, are foreclosing on the property. Oscar
Gluck is also the owner of Fancy Shape Diamonds in New York. Three years
ago, 6200 Biscayne bought the motel, which is located at 6200 Biscayne
Boulevard, for $5.2 million, and obtained two mortgages for $3.2 million.
At that time, the manager of 6200 Biscayne was Sam Cohen. After a
falling out with Cohen, Gluck eventually signed a $2.8 million mortgage
as both the lender and the managing member of the property. [SFBJ]