Former Holiday Inn Manhattan View, New York City

Listing Agents

Sean Banilivy
T | 516.456.7525

Brent Clemens
T | 312.402.2959

Detailed Information
Property Highlights


  • $21MM non-performing loan (NPL) collateralized by the leasehold interest in the former 136-room Holiday Inn Long Island City-Manhattan View in NYC
  • The note was originated Dec 30, 2014 to refinance an existing loan with an initial maturity date of Jan 6, 2020
  • The current unpaid principal balance is $18.72MM as of March 1, 2023
  • Loan was transferred to special servicing Feb 14, 2020 due to a maturity default
  • Foreclosure complaint has been filed in April 2022
  • Receivership was appointed in August 2022 and a motion for summary judgement was granted Feb 2023
  • Long Island City (LIC) is a thriving business, life sciences and tech hub with proximity to major corporate demand drivers such as JetBlue (HQ), Altice USA (HQ), Silvercup Studios, Centene Corporation, and Innolabs Life Science Laboratories
  • Popular leisure attractions proximate to the property include the Museum of Modern Art, The Noguchi Museums, The Shops at Skyview Center, and Roosevelt Island. Proximate to CITI Field, home stadium of the New York Mets, which has a seating capacity of approximately 42,000 and also serves as a venue for concerts, festivals, and fitness events throughout the year
  • The property is located near the world-renowned USTA Billie Jean King National Tennis Center home to the US Open, one of four Grand Slam tournaments that can accommodate more than 23,000 spectators
  • Well connected to major transportation hubs, with easy access to the Long Island Rail Road and several subway lines, making it a highly accessible location to New York City, Brooklyn, Queens, Bronx, and Long Island
  • LaGuardia Airport recently completed an $8B redevelopment that is comprised of two new terminals, with a total of 72 new gates and 2.7 million square feet of terminal space
  • JFK International Airport’s ongoing $18B redevelopment includes construction of the new Terminal One, which broke ground in 2022, will feature 23 gates, 2.4 million square feet, with a completion date set for 2030
  • LIC has welcomed over 33,000 residential units since 2006 and has another 25,000 units under construction or in planning stages and is expected to add 9,600 of those units by 2025
  • The Long Island City Partnership announced in 2022 that it’s expecting an additional +2.8M square feet of commercial and industrial space to be added by 2025
  • LIC is at the geographic center of New York City and is located just a few minutes from Midtown Manhattan, Times Square, Theatre District, Empire State Building and Central Park
  • The New York City tourism recovery is nearly complete, with over 56 million tourists in 2022 and an anticipated 61 million tourists in 2023
  • New York City has been recently ranked as the most desirable market for international investors by the Association For International Real Estate Investors, which includes approximately $3T in assets under management and includes 175 member organizations from 25 different countries

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