Capital Insight has acquired a former hotel property with retail and parking spaces in Manhattan's Hudson Yards for an amount between $68 million and $71.3 million, according to court documents. The investment banking firm Capital Insight – the property's former lender and debtor – took ownership of the twelve-storey building at 511 Ninth Avenue through a foreclosure auction.
The auction followed Assa Properties' financial difficulties with the property, which led to the site being placed into special servicing via CW Capital Asset Management. Requests to Capital Insight and CW Capital initially went unanswered.
Property history and future use
PincusCo first reported on the foreclosure auction and expressed the expectation that Capital Insight will use the property, with its six commercial condominiums, as an income-generating asset. Assa originally planned the development on Ninth Avenue as a combination of hotel and multifamily residential under the name Galerie515 Hotel & Condominium Residences when construction began in 2012.
The residential portion was also at one point named Lana, and the Cassa Hotel Times Square portion closed in 2020. A new steakhouse called Vida Steakhouse is set to open next year in the retail spaces at 511 Ninth Avenue, but it is unclear whether this lease will remain in place under the new owner.
Ownership and background
Assa Properties, owned by the Assa family and led by founder Solly Assa, was unavailable for comment. The most recent ownership documents connecting to the Assa family date back to 2014, with filings linked to an address at 410 Park Avenue with Cassa Capital, another Assa organisation.
