Merchants Hospitality’s westside Playboy club files for bankruptcy with $1M to $10M in assets
The Merchants Hospitality and Roche Enterprises entity that owns the Playboy Supper Club at 512 West 42nd Street, 512W42 Retail LLC, on Friday filed a chapter 7 petition in U.S. Bankruptcy Court in Manhattan to liquidate. The filing listed both assets and liabilities between $1 million and $10 million.
The entity that filed is listed as one of three secured borrowers on a $42 million refinancing that Merchants and Roche Enterprises obtained for the property in June 2019 from Taconic Capital Advisors. on The org chart is on pages 8, 9 of this document. The entity 512 W42 Retail LLC holds a sub-subleasehold in the property. The fee is owned by hotel developer Richard Born who signed a lease with a predecessor to Merchants Hospitality, that runs through September 2058.
The signatory for the bankruptcy filing was Theresa Roche, president of OAR Management, which operates the Roche Enterprises.