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Assa Buys NoMad Hotel

New York

The MAve Hotel at 62 Madison in NoMad has emerged from five years of bankruptcy purgatory. Assa Properties (once owner of the Viceroy, which it rebranded as Cassa) bought it for $28.5M from secured creditors (via a court-appointed trustee) repped by Savills.


This morning, Savills' Justin Magazine (right, with colleague Vikram Shah) told us he always thought the 72-room former Madison Hotel would go to a NYC-based boutique owner-operator that could take it to the next level. The rooms are in good condition after a $7M gut renovation in '09, but there's a lot of upside in retail and other fixes, he believes. Oh, and welcome back to Assa; this is its return to the NYC hotel market, though it has some other acquisitions in the works, Justin says.