Capstone Equities has acquired Life Hotel, a shuttered building that is the third distressed property the company has acquired in Manhattan since the beginning of last year.
Capstone grabbed Life Hotel, a 98-room hotel at 19 West 31st Street in a foreclosure sale after the owner defaulted on a loan backed by the property, TheRealDeal reported.
Capstone bought Deutsche Bank's $47M loan on the hotel and acquired the property in a UCC foreclosure.
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