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New York & Tri-State  + Midtown New York  + Finance  |  June 4, 2024
Emily Fu
By: Emily Fu

Keen-Summit, Berkadia Unveil Midtown Hotel Buying Opportunity 

Keen-Summit Capital Partners LLC, a real estate brokerage and investment banking firm based in New York, and Berkadia Hotels & Hospitality are marketing the senior secured mortgage and note tied to the former Cassa Hotel in Midtown.

“Located at 70 West 45th Street, this condominium encompasses a 165-room luxury hotel in the heart of Midtown Manhattan,” said Harold Bordwin, principal at Keen-Summit Capital Partners. “This property presents an exceptional investment opportunity in one of the most sought-after lodging markets in the world. The combination of an irreplaceable location, significant physical value-add potential, and a clear path to ownership makes this a truly unique investment prospect.” 

The foreclosure initiated by the two mortgage holders is paving the way for the sale of the subject note, anticipated to close alongside the foreclosure, offering the buyer a path to fee title. The call for offers is set for June 21. 

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Inside The Story

About Emily Fu

Emily Fu is Content Director of Connect Commercial Real Estate, where she covers the east coast markets, including New York, Boston & New England, and DC & Mid-Atlantic markets. She produces daily news stories as well as longer-form content, ranging from Q&As to thought-leadership pieces. She also writes feature stories for Connect Money. With previous stints at Reuters, Seeking Alpha, and Commercial Observer, Emily has covered the finance side of the commercial real estate industry, technology, media, telecom (TMT), and fashion. She attended the Columbia Graduate School of Journalism and currently resides in Manhattan.
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