Roosevelt Island hotel lender looks to claw back $77M 
Roosevelt Island’s lone hotel is getting kicked out of class. A lender is looking to claw back $76.5 million after Hilton’s Graduate Hotel ceased operations and had its ground lease terminated by Cornell University. An entity of commercial mortgage lender ACRES Capital is suing a real estate fund tied to the Graduate chain and AJ Capital Partners, saying it owes the full value of the loan after a recourse guaranty was triggered, according to a request for summary judgment filed in New York state supreme court on Wednesday. The action could spell a financial challenge for AJ Capital, which launched […]
This article originally appeared on The Real Deal. Click here to read the full story.
Categories
Recent Posts
“Freak accident”: Pfizer building developer denies risk of
collapse
Deal Diary: The $80K Deal That Turned Into a 24-Unit
Building
Policy Pro: HPD floats 421a rule change to keep more
projects alive
Meet the developers behind the Pfizer building
conversion
NYCHA plumber’s $465K payday sparks probe into outside
work
Michael Shabsels lists Westhampton home for $75K a
month
Buckling ex-Pfizer HQ hit with multiple DOB violations last
year
Namdar Group grabs additional financing in Jersey
City
Prana Investments’ NYC multifamily portfolio faces 14
foreclosure lawsuits
Vacant rent-stabilized apartment rate climbs despite
persistent housing shortage
