Midas Hospitality

The Downtown Brooklyn hotel project was sold in bankruptcy to Midas Hospitality for $34.9 million. The seller faced foreclosure after defaulting on loans. Acres Capital’s $30 million credit bid was approved, but the property was sold to Midas instead. The 22-story tower, started in 2019, features a distinctive zebra-like pattern. Aview Equities faces foreclosure on another project in Midtown Manhattan. Meanwhile, GFI Real Estate sold its Crowne Plaza Hotel near JFK Airport for $79 million to a Brooklyn-based LLC. Hotel properties were highly sought after in NYC last year, with $2 billion in sales, the highest since 2019.