Posted on 03/09/2021 1:27:21 PM PST by ChicagoConservative27
The hotel industry in New York City has taken a major hit amid the ongoing coronavirus pandemic and is in desperate need of saving.
Recently, seven hotels have been forced to go into foreclosure and were placed up for auction.
Mack Real Estate stepped in and won the auction at a grand discount. The developer reportedly paid less than 40 percent of the portfolio’s 2016 value of $816.3 million for the properties, all of which are located in Manhattan, according to the Real Deal.
(Excerpt) Read more at nypost.com ...
I thought the Mayor had put the homeless in the hotels?
I guess work at home means fewer lunch time assignations at the Ritz with the receptionist at the office.
Who owns Mack Real-estate?
One of the first businesses to go near my office building when we went WFH was the deli in the lobby. It was a VERY popular place, too.
Probably some shell corporation in Panama.
or China.
“I thought the Mayor had put the homeless in the hotels?”
...only the fancier, expensive hotels. Not joking.
If New York dies, it’s good for America
Ditto LA, San Francisco and Philadelphia
And what were their positions on the government-imposed lockdowns and quarantines?
Oh I’m crying my eyes out.
Hotel rooms could have been rented out at below Manhattan market rate apartment rents.
If a hotel has 80% vacancy, rent those 80% of rooms at some level of income on a longer-term basis.
Still better than all of the apartment landlords that have people in their buildings that haven’t paid for a year and have no chance of getting them out.
Didn’t we just read yesterday, that they don’t have enough social workers, and they want regular citizens to step in when crimes are in process?
Why would anyone want to actually go there and stay in a hotel for any reason?
But to Rat Party Headquarters it was all worth it...Trump is gone.
Yep. Should be rented month to month. That'll buy them a couple of years.
I hope the whole place folds and goes under with Comrade De Blasio running the show.
The Red Chinese bought the Waldorf-Astoria in 2014, and immediately converted it into tacky condominiums.
Bet they’re sorry now. DiBlasio has turned the Big Apple into a boarded-up ghost town.
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