Aya picks up Cassa Hotel in Midtown for $55M

Aya New York is making a bold play in Midtown Manhattan. Aya Acquisitions is scooping up the Cassa Hotel for $54.7 million after years of financial turbulence surrounding the property, the Commercial Observer reported. The co-living company, through its Highgate 2 Hotel entity, bought three commercial condo units at 66-70 West 45th Street — the 165-key hotel and its ground-floor retail — from the scattered remains of Chinese conglomerate HNA Group. The acquisition includes a $34.6 million mortgage issued by OakNorth Bank, according to Crain’s. The sale comes after a long foreclosure battle. HNA lost the 48-story, 123,000-square-foot tower — […] This article originally appeared on The Real Deal. Click here to read the full story.