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Article: Bank files to foreclose on White Plains Hotel. (Bank of New York, the hotel's chief lender)
- Article from:
- Westchester County Business Journal
- Article date:
- August 12, 1991
- Author:
CopyrightCOPYRIGHT 1991 Westfair Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Bank files to foreclose on White Plains Hotel
Lender claims owners in default on $14 million note
WHITE PLAINS -- The future of the White Plains Hotel, once the most prominent hostelry in the city, is in serious jeopardy. The Bank of New York, the hotel's chief lender, has filed a motion in Westchester Supreme Court to foreclose on the property.
The bank's intentions were made known in court papers filed on July 30 in a counterclaim to a foreclosure action filed in June by the hotel's former owners, Bailey White Plains Associates.
The Bank of New York seeks to foreclose on a $14 million consolidated first mortgage with the hotel's ...