From The Real Deal:
A foreclosure connected to one of New York’s biggest hotels is the latest sign of trouble in the city’s hospitality sector.
Wells Fargo moved Monday to wrest control of the ground underneath the 1,331-room Row NYC Hotel from investor David Werner.
The bank, acting as the trustee for bond investors who hold the $275 million mortgage on the Midtown property, said in a lawsuit filed in Manhattan that Werner started missing payments on the loan in May 2020.
Werner owns the ground below the 28-story hotel at 700 Eighth Avenue with Deutsche Asset & Wealth Management.
Continue reading Wells Fargo Files to Foreclose on David Werner at Row Hotel on The Real Deal
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