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Purchase of Non-Performing Note – The Flatiron Hotel

Brick Realty Capital LLC, through an affiliate entity, has purchased the non-performing Mortgages and Notes that encumber the NYC boutique hotel known as the “Flatiron Hotel.”  Located at 1141 Broadway, at the northwest corner of West 26th Street, the 28,000 square foot hotel property contains 64 rooms and has recently undergone a major renovation. 

According to Eric C. Roth, a Managing Partner of Brick Realty, “this acquisition is representative of our continuing desire to purchase non-performing mortgages and notes that are secured by income producing properties located throughout the New York metropolitan area.  This note acquisition was our 19th of 2011 and is indicative of our ability to quickly analyze a deal, rapidly complete the required due diligence and to close on the purchase in a swift manner.   In this transaction, we closed within 16 days after the signing of a Contract of Sale.” 

The seller was a Long Island based savings bank.  

Nadeem Haque, of Friedman-Roth Realty Services LLC, and Phil Ragone, of Brick Capital Group LLC, were the brokers in this transaction.