Sapir puts SoHo hotel in bankruptcy, plans $125M sale to Israel-based Dan Hotels
9 Crosby Street (Credit - Cyclomedia)
UPDATED 12:30 p.m., November 18, 2025: Sapir Corp. filed a petition yesterday in U.S. Bankruptcy Court in Manhattan to place its NoMo SoHo Hotel at 9 Crosby Street in bankruptcy. The filing is with the consent of the debt holders as well as a stalking horse bidder, Dan Hotels, which is in contract to pay $125 million for the property that Sapir and a partner purchased in 2015 for $208 million.
Sapir Corp. is an affiliate of Sapir Organization, according to a PincusCo analysis of property records. A spokesperson for Sapir Corp. said they were not affiliated.
Dan Hotels was the successful bidder following a marketing process that Eastdil Secured led. Now, Sapir through this bankruptcy is going to hold an auction in approximately one month to determine if another bidder will offer more. The starting bid is $129.25 million, according to the bankruptcy documents.
“The Debtor is seeking approval of the proposed Stalking Horse Contract with Dan Hotels as part of the proposed Bid Procedures to establish a baseline offer and timeline that allows the Debtor a final opportunity to potentially increase the purchase price for the Hotel above $125 million based on an initial overbid of $129,250,000.” If no bidder offers more, Dan Hotels’ $125 million contract will prevail.
The Real Deal reported last month that Sapir Corp. was winding down operations and was in contract to sell the property to Dan Hotels for $125 million.
According to the filing, Sapir owes about $103 million on Series 19 bonds and $52 million Series 18 bonds. Sapir also signed a contract to sell its other Manhattan assets, 260 Madison Avenue to AmTrustRE for $217 million, The Real Deal reported. It is unclear what firm is buying 261 Madison Avenue, Sapir’s other asset in New York City.
Case 25-12559-lgb LINK
In 2022, Sapir through the entity 9 Crosby LLC as borrower signed a refi loan with lender Tel Aviv Stock Exchange bondholders through the entity Mishmeret Company Ltd valued at $90.1 million for the NoMo SoHo Hotel building (H1) at 9 Crosby Street in SoHo, Manhattan.
The deal closed on August 16, 2022 and was recorded on August 18, 2022. The prior lender was Goldman Sachs which held debt that had an original loan amount of $115 million. The property has 121,165 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $743 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for Sapir was Sharon Raz. The signatory for Tel Aviv Stock Exchange bondholders was Michael Friedman.
The property
The hotel building in SoHo has 121,165 square feet of built space and 23,586 square feet of additional air rights for a total buildable of 144,700 square feet according to a PincusCo analysis of city data. The parcel has frontage of 50 feet and is 99 feet deep with a total lot size of 14,470 square feet. The zoning is M1-5/R10 which allows for up to 5 times floor area ratio (FAR) for manufacturing and up to 10 times FAR for residential with inclusionary housing. The property is in the SoHo-Cast Iron Historic District Extension. The city-designated market value for the property in 2022 is $60.5 million. The most recent loan totaled $90.1 million and was provided by Tel Aviv Stock Exchange bondholders on August 16, 2022.
Prior sales and revenue
This property was sold for $208 million on March 6, 2015.
The 121,165-square-foot property generated revenue of $24.8 million or $205 per square foot, according to the most recent income and expense figures.
Violations and lawsuits
According to city public data, the property has received $1,000 in OATH penalties in the last year.
There were no lawsuits or bankruptcies filed against the property for the past 24 months.
The block
On this tax block, PincusCo has identified the owners of eight of the 13 commercial properties representing 396,187 square feet of the 443,531 square feet. The largest owner is Boquen Realty, followed by Cape Advisors and then Harkham Ventures. There are no active new building construction projects on this tax block.
The owner
The PincusCo database currently indicates that Sapir owned at least three commercial properties in New York City with 1,036,369 square feet and a city-determined market value of $285.3 million. (Market value is typically about 50% of actual value.) The portfolio has $290.1 million in debt, borrowed from JPMorgan Chase and Tel Aviv Stock Exchange bondholders. Within the portfolio, the bulk, or 88 percent of the 1,036,369 square feet of built space are office properties, with hotel properties next occupying 12 percent of the space. They are all located in Manhattan.
The owner according to the Department of Housing Preservation and Development is Cesar Vidal, head officer. The business entity is 9 Crosby Mezz Llc.
The surrounding
Within a 400-foot radius of 11 Crosby Street, PincusCo identified 12 commercial real estate items of interests occurred over the past 24 months. Of those 12 items, one was for major renovation including a certificate of occupancy change. It was a permit application filed on May 14, 2025 for the $387,000 renovation of 4,238-square-foot residential (RES) building with three residential units at 145 Grand Street. Of those 12 items, six were sales above $5 million totaling $253.1 million. The most recent of the six was 7G Group which bought the 17,260-square-foot, eight-unit office building (O5) on 123 Lafayette Street for $21.8 million from First Atlantic Capital on August 20, 2025. Of those 12 items, five were loans above $5 million totaling $192.7 million. The most recent of the five was Trammell Crow Company in which borrowed $56.6 million from BMO Bank secured by the 18,705-square-foot, five-unit development site (V1) on 126 Lafayette Street on September 12, 2025.
CORRECTION: A prior version of this post identified Sapir Organization as the company placing the property in bankruptcy and winding down, but in fact its is an affiliate of Sapir Corp. that filed the bankruptcy and is winding down.
Direct link to the property’s ACRIS page and link to DOB NOW portal.