Keen-Summit Capital Partners and Berkadia Hotels & Hospitality Announce Rare Opportunity to Secure Ownership of NYC Midtown Luxury Hotel

Exclusive Investment Opportunity: f/k/a The Cassa Hotel Featuring Restaurant/Bar and Premium Amenities in the Heart of NYC

NEW YORK--(BUSINESS WIRE)--Keen-Summit Capital Partners LLC, a leading real estate brokerage and investment banking firm based in New York, in conjunction with Berkadia Hotels & Hospitality, a leader in the commercial real estate industry, are excited to present a unique opportunity to acquire the senior secured mortgage and note encumbering the closed hotel formerly known as The Cassa Hotel. The two mortgage holders have initiated the foreclosure, and the sale of the subject note is anticipated to close in conjunction with the foreclosure, thereby providing the buyer with a clear path to fee title. The call for offers is June 21.

“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.”

He added that he was especially pleased to partner with Berkadia, a firm renowned for its extensive experience and expertise in the hospitality sector. The Cassa Hotel property is currently undergoing a foreclosure process anticipated to be completed by the end of 2024.

Denny Meikleham, Managing Director, Investment Sales, Berkadia Hotels & Hospitality: “With our extensive experience in the marketplace, we recognize the unparalleled potential of this property. The former Cassa Hotel offers a rare opportunity for investors to secure a prime Midtown Manhattan asset.”

Dan Hawkins, Managing Director, Investment Sales, Berkadia Hotels & Hospitality: “Built in 2010, the property features exclusive amenities, including a restaurant and bar, a fitness center, a business center, and versatile meeting spaces, enhancing its appeal to both leisure and business travelers.”

Investment Highlights:

• Rare Opportunity: Acquire a note with a clear path to ownership of a luxury, four-star hotel at a fraction of replacement cost and comparable sales.
• Unencumbered Asset: Benefit from the unencumbered Midtown Manhattan hotel.
• Prime Location: Irreplaceable New York City location with prominent high-rise hotel frontage along 45th Street.
• Physical Value-Add: Potential for physical value-add upside.
• Demand Generators: Positioned to capitalize on a robust local construction pipeline spurring new demand generators and amenities.

The property offers prime frontage along 45th Street, physical value-add upside, branding optionality, and a fee-simple/non-union tenure – a rarity for its renowned NYC location. This offering yields a unique and highly compelling investment opportunity in the current economic landscape.

Berkadia and Keen-Summit’s marketing campaign for this asset is not indicative of a traditional note sale, in which a buyer needs to initiate and complete a foreclosure.

About Berkadia

Berkadia is a leader in the commercial real estate industry, offering a robust suite of services to our multifamily and commercial property clients. Powered by deep relationships and industry-changing technology, our people sell, finance, and service commercial real estate, providing support for the entire life cycle of our clients’ assets. Our unique ownership structure allows us to put our clients’ interests first and create a marketplace that delivers a superior experience. For more information about Berkadia Real Estate Advisors, visit www.berkadia.com.

About Keen-Summit Capital Partners, LLC

Keen-Summit Capital Partners LLC is a real estate brokerage, workout and investment banking firm specializing in special situations, restructurings, bankruptcies and receiverships, with offices in Manhattan and Melville, NY, and Chicago, IL. Keen-Summit Capital Partners LLC represents property owners, retail and commercial tenants, commercial and industrial businesses, investors, developers, and creditors across various industries. Clients benefit from its reputation for excellence and integrity, extraordinary industry experience, in-depth market knowledge, time-tested business approach, deep industry relationships, workout and bankruptcy expertise, and over 40 years of exceptional execution capabilities. For more information about Keen-Summit Capital Partners, call 646-381-9222 or visit www.keen-summit.com.