Note Sale: f/k/a The Cassa Hotel NY

June 21 Offer Deadline

Four-Star, Luxury Hotel Note Sale in Midtown Manhattan with a
Clear Path to Ownership

June 21 Offer Deadline

Note Sale: Selling senior secured mortgage and note encumbering the closed hotel

f/k/a The Cassa Hotel, 70 W. 45th St, New York, NY

The Hotels & Hospitality Group of Berkadia Real Estate Advisors LLC and Keen-Summit Capital Partners LLC have been exclusively retained by the senior debt holders for the sale of the mortgage secured by the fee simple interest in the condominium encompassing the 165-room closed hotel at 70 West 45th Street, formerly known as the Cassa Hotel NY 45th Street (the “Hotel”, “Asset”, or “Property”)

Currently going through a foreclosure process, which is anticipated to complete by the end of 2024, the note sale offering represents a rare opportunity for a new owner to capitalize on a clear path to ownership of a luxury, four-star hotel in Midtown Manhattan at an exceptionally attractive basis.

​With an irreplaceable, core-plus location in one of the world’s most famed lodging markets, prime frontage along 45th street, physical value-add upside, branding optionality, and a fee-simple/non-union tenure – a rarity for its renowned NYC location – the offering yields a unique and highly compelling investment opportunity in the current economic landscape.

Berkadia and Keen-Summit’s marketing campaign is not indicative of a traditional note sale, in which a buyer needs to initiate and complete a foreclosure.

The current secured mortgagee is completing the foreclosure and the sale of the subject note is anticipated to close in conjunction with the foreclosure, thereby providing the buyer with a clear path to fee title.


  1. Rare opportunity to acquire a note with a clear path to ownership of a luxury, four-star hotel at a fraction of replacement cost and comparable sales
  2. Unencumbered Midtown Manhattan Hotel
  3. Irreplaceable New York City location
  4. Prominent high-rise hotel with prime frontage along 45th Street
  5. Physical value-add upside
  6. Poised to capitalize on a robust local construction pipeline spurring new demand generators & amenities

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The Property is strategically centered among 178 million SF of office space (additional 3.7 million SF under construction), hundreds of award-winning restaurants, bars and retailers, dozens of entertainment/athletic venues, nationally recognized parks, and iconic historical landmarks, all within a half-mile radius, providing unwavering strength and diversity of lodging demand channels.

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