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Luxury New York Plaza Hotel on the auction block

Mar 20, 2016

As reported first in Crains, the New York's Plaza Hotel located on the corner of Fifth Avenue and Central Park South in Manhattan will be auctioned next month. The auction of this 5-star luxury New York Manhattan hotel would put an end to two years of uncertainty.

Billionaire brothers David and Simon Reuben hold the mortgage on the five-star hotel and have scheduled a foreclosure auction for April 26, according to Crains. The Reubens bought the loan from Bank of China Ltd. after a default by the property's current majority owner, Sahara India Pariwar, last year. Sahara is controlled by Subrata Roy, who was imprisoned in India in early 2014 for defrauding investors.

Presidential candidate Donald Trump bought the Plaza in 1988 and married his second wife, Marla Maples, there. Trump sold it to a group including Prince Alwaleed bin-Talal of Saudi Arabia, who then sold it to Israel's Elad Group, which converted some of the hotel rooms to condominiums. Bin-Talal retains a minority stake in the Plaza, as does an entity tied to hotelier Sant Singh Chatwal.

It's being sold in a package with the Dream Downtown hotel, a trendy property in Manhattan's Chelsea neighborhood that is located one block from the elevated High Line park, the person said.

Luxury New York  Plaza Hotel on the auction block

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