Belkin Burden Goldman, LLP Represents AYA New York in $54.7M Midtown Hotel Foreclosure Win

BBG is proud to announce that partners Craig L. Price, Murray Schneier, Jay B. Solomon, and Lawrence T. Shepps, along with associate Joshua A. Sycoff, represented AYA New York, a hospitality developer, as the successful bidder in the foreclosure auction of a Midtown boutique hotel for approximately $54.7 million.

The prior owner had defaulted on its loan, prompting the lender to initiate a foreclosure action and obtain a judgment of foreclosure and sale, which led to the auction. In connection with the transaction, AYA secured acquisition and construction financing from a United Kingdom-based lender.

Spanning more than 16 months, the deal exemplifies BBG’s inter-departmental collaboration and ability to navigate highly complex and nuanced matters. The transaction was featured in Commercial Observer, The Real Deal, and Crain’s New York Business.*

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