Heritage Equity’s Williamsburg Hotel files for bankruptcy – Commercial Observer
Heritage began Chapter 11 proceedings for the 147-room hotel at 96 Wythe Avenue in Williamsburg, Brooklyn, under the 96 Wythe Acquisition LLC with debts between $ 50 million and $ 100 million, the court records said.
Moskovits did not immediately respond to a request for comment.
Heritage bought the property between North 10th and North 11th Streets for the eight-story hotel in 2012 for $ 4.85 million. In 2017, Heritage received a $ 68 million loan to help develop Street partners benefit.
However, it is Hotel struggled with low occupancy and revenue per available room, a key benchmark for the accommodation industry, and Heritage defaulted on the Benefit Street Partners loan in 2019, Commercial Observer previously reported.
Moskovits Offers submitted by bidders in 2019 to buy the hotel for around 135 million US dollars, but Moskovits at the time strongly denied offering the hotel for sale, as CO reported.
Inheritance almost lined up $ 76 million refinance to heal the default in 2019, but the deal never seems to be closed, according to property records. In October 2019 the hotel was thrown in bankruptcy administration about the default, The only true reported.
The Williamsburg Hotel hasn’t been the only troubled asset for Heritage in recent months. In July, inheritance Chapter 11 proceedings initiated in his hotel under construction with 144 hotel rooms at Seigelstrasse 232 in Bushwick.
And Moskovits stands in front of you Series of lawsuits and foreclosures for various projects around Brooklyn, including office development at 215 Moore Street, TRD reported.
– With additional coverage from Cathy Cunningham and Chava Gourarie