Court approves foreclosure move on 2 NYC hotels

01/24/2012 | Wall Street Journal, The

Boutique properties Alex Hotel and the Flatotel in New York City face foreclosure after a judge gave an investment group permission for the move. The properties owe the group -- which includes Rockpoint Group, Atlas Capital Group and Procaccianti Group -- more than $300 million and were put into receivership in 2011 for developers' failure to pay real-estate taxes and mortgage payments.

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