{"id":350276,"date":"2026-09-18T15:30:40","date_gmt":"2026-09-18T15:30:40","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ny\/350276\/"},"modified":"2026-09-18T15:30:40","modified_gmt":"2026-09-18T15:30:40","slug":"capital-insight-acquires-hudson-yards-hotel-property-in-foreclosure-auction-commercial-observer","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ny\/350276\/","title":{"rendered":"Capital Insight Acquires Hudson Yards Hotel Property in Foreclosure Auction \u2013 Commercial Observer"},"content":{"rendered":"<p><a href=\"https:\/\/commercialobserver.com\/company\/capital-insight\/\" title=\"Capital Insight\" class=\"company-link\" rel=\"nofollow noopener\" target=\"_blank\">Capital Insight<\/a> has acquired a former hotel with retail and parking in Manhattan\u2019s Hudson Yards for somewhere between $68 million and $71.3 million, <a target=\"_blank\" rel=\"noopener nofollow\" href=\"https:\/\/iapps.courts.state.ny.us\/nyscef\/ViewDocument?docIndex=JQKU5f3hmKcumPAMxxuFvA==\">according to court records<\/a>.\u00a0<\/p>\n<p>Investment banking business Capital Insight \u2014 the former lender and debt holder on the property \u2014 took ownership of the 12-story building at 511 Ninth Avenue through a foreclosure auction. The auction occurred after <a href=\"https:\/\/commercialobserver.com\/company\/assa-properties\/\" title=\"Assa Properties\" class=\"company-link\" rel=\"nofollow noopener\" target=\"_blank\">Assa Properties<\/a> fell into financial troubles associated with the property and the site went to special servicing through <a href=\"https:\/\/commercialobserver.com\/company\/cw-capital-asset-management\/\" title=\"CW Capital Asset Management\" class=\"company-link\" rel=\"nofollow noopener\" target=\"_blank\">CW Capital Asset Management<\/a>.<\/p>\n<p>SEE ALSO: <a href=\"https:\/\/commercialobserver.com\/2026\/09\/institutional-private-equity-forum-2026-commercial-observer\/\" rel=\"nofollow noopener\" target=\"_blank\">Institutional and Private Equity Investors: Their Commercial Real Estate Hot Takes<\/a><\/p>\n<p>Capital Insight and CW Capital did not immediately respond to requests for comment.<\/p>\n<p>PincusCo<a target=\"_blank\" rel=\"noopener nofollow\" href=\"https:\/\/www.pincusco.com\/capital-insight-acquires-former-assa-hotel-retail-in-hudson-yards-foreclosure-with-68m-judgment\/\"> first reported<\/a> the foreclosure auction, saying Capital Insight was expected to use the property as a cash-flowing asset with its six commercial condominiums.<\/p>\n<p>Assa planned the Ninth Avenue development as a combination hotel-multifamily property branded as Galerie515 Hotel &amp; Condominium Residences when construction <a target=\"_blank\" rel=\"noopener nofollow\" href=\"https:\/\/therealdeal.com\/new-york\/2012\/06\/15\/stalled-hells-kitchen-project-may-get-boost-from-chetrits\/\">first began in 2012<\/a>. The residential portion was also named Lana at some point, and the Cassa Hotel Times Square portion closed in 2020.<\/p>\n<p>A new steakhouse named Vida Steakhouse is <a target=\"_blank\" rel=\"noopener nofollow\" href=\"https:\/\/whatnow.com\/new-york\/restaurants\/flagship-steakhouse-location-coming-to-midtown-west\/\">set to open<\/a> in the retail space at 511 Ninth Avenue next year, but it\u2019s unclear if that lease will proceed under new ownership.<\/p>\n<p>Assa Properties, owned by the Assa family and led by founder Solly Assa, could not be reached for comment.<\/p>\n<p>The most recent property records linking the ownership to the Assa family date back to 2014, with filings linked to <a href=\"https:\/\/commercialobserver.com\/company\/cassa-capital\/\" title=\"Cassa Capital\" class=\"company-link\" rel=\"nofollow noopener\" target=\"_blank\">Cassa Capital<\/a>, one of Assa\u2019s other organizations, through an address at 410 Park Avenue.<\/p>\n<p>Mark Hallum can be reached at <a href=\"https:\/\/commercialobserver.com\/2026\/09\/capital-insight-acquires-511-ninth-avenue\/mailto:mhallum@commercialobserver.com\" rel=\"nofollow noopener\" target=\"_blank\">mhallum@commercialobserver.com.<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"Capital Insight has acquired a former hotel with retail and parking in Manhattan\u2019s Hudson Yards for somewhere between&hellip;\n","protected":false},"author":2,"featured_media":350277,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35],"tags":[130835,3624,1603,2664,75,84,83,9,24,63,130836],"class_list":["post-350276","post","type-post","status-publish","format-standard","has-post-thumbnail","category-manhattan","tag-511-ninth-avenue","tag-channel","tag-finance","tag-investments-sales","tag-manhattan","tag-manhattan-headlines","tag-manhattan-news","tag-new-york","tag-new-york-city","tag-nyc","tag-solly-assa-acquisition"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/350276","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/comments?post=350276"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/350276\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/350277"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=350276"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=350276"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=350276"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}