199-Key Hotel. 97% Built
UCC Foreclosure Auction

Details:

• Indirect Interest in 34-36 West 38th Street, New York, NY 10018
• 34-36 West 38th Street, New York, NY 10018:
• 21-story, 199-room upscale hotel on a 6,616 Sq Ft site with approximately 80,649 SF of gross building area.
• Amenities to include a ground-floor restaurant/bar with outdoor patio, 19th-floor rooftop bar with outdoor terrace, and fitness center.
• ——
• PLEASE TAKE NOTICE, that in accordance with applicable provisions of the Uniform Commercial Code as enacted in New York, by virtue of certain Event(s) of Default under that certain Ownership Interest Pledge and Security Agreement, dated as of September 30, 2022 (the “Pledge Agreement”), executed and delivered by OnBoard Hospitality Holdings LLC (the “Pledgor”), and in accordance with its rights as holder of the security, SBT Capital, LLC (the “Secured Party”), by virtue of that certain UCC-1 Filing Statement made in favor of Secured Party, and in accordance with Article 9 of the Uniform Commercial Code of the State of New York (the “Code”), Secured Party will offer for sale, at public auction, (i) Pledgor’s 100% membership interest in and to OnBoard Hospitality LLC (the “Pledged Entity”), and (ii) certain related rights and property relating thereto (collectively, (i) and (ii) are the “Collateral”).
• Secured Party’s understanding is that the principal assets of the Pledged Entity is that certain real property commonly known as 34-36 West 38th Street, New York, New York (the “Property”) (collectively, the “Property”).
• Maltz Auctions (“Maltz”), under the direction of Richard B. Maltz or David A. Constantino (the “Auctioneer”), will conduct a public sale consisting of the Collateral (as set forth in Schedule A below), via online bidding, on July 24, 2026 at 1:00pm, in satisfaction of an indebtedness in the approximate amount of $6,885,988.45, including principal, interest on principal, and reasonable fees and costs, plus default interest through July 24, 2026, subject to open charges and all additional costs, fees and disbursements permitted by law. The Secured Party reserves the right to credit bid.
• Online bidding will be made available for pre-registered bidders via Maltz’s online bidding App available for download in the App Store or on Google play and via desktop bidding at RemoteBidding.MaltzAuctions.com.
• Diligence materials are available upon request and execution of standard confidentiality and non-disclosure agreement.
• The original principal amount of the Land Loan is $10,950,000.00 and the original principal amount of the Building Loan is up to $36,750,000.00.