The distressed Shoreham Hotel at 33 West 55th St. in Midtown is up for sale after being foreclosed upon.
The 177-key hotel, built in 1913 and renovated in 2005, had a negative $3.3M in operating income as of November 2016, and owner Ark Partners' $32.6M CMBS loan with Credit Suisse was transferred to special servicer C-III Asset Management back in 2014, the Commercial Observer reports.
Foreclosure was completed on May 7, and brokerage NAI Global is currently marketing the hotel's sale. It is yet another sign that New York City's hotel market continues to struggle.
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