Former Hudson Yards hotel sold in foreclosure auction

A 12-story property in Hudson Yards previously owned by Solly Assa changed hands at a foreclosure auction, inviting speculation over the next iteration of the building. Investment banker Capital Insight acquired 511 Ninth Avenue through a foreclosure auction through a credit bid at a price between $68 million and $71.3 million, the Commercial Observer reported. Capital Insight was the lender and debt holder on the property, which has a troubled history. Assa bought the site from Rosedale Equities for $36.3 million in 2006; the Chetrit Group and Read Property Group bought a stake in the property through a $15 million […]

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