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Times Square’s Margaritaville Hotel Faces Imminent Foreclosure
The 32-story Margaritaville hotel with the only outdoor pool in Times Square may see its last days this summer.
According to The Real Deal, a UCC foreclosure auction has been scheduled for the Maragritaville hotel on Monday, July 10th. The foreclosure follows developer Sharif El-Gamal’s failure to pay a mezzanine loan of $57 million this past March.
In May, the hotel was appraised and valued somewhere between $266-350 million.
Apparently El-Gamal claims that his lender, the Arden Group, sabotaged the auction to prevent potential buyers from purchasing the property. El-Gamal filed a lawsuit, stating that Arden’s process of foreclosure is “commercially unreasonable” and provides an inadequate amount of time to evaluate the property. This is because the auction notice was posted on April 10th, however, the terms of sale and bidding instructions weren’t entirely communicated until late June.
Furthermore, the lawsuit expands on Newmark, the brokerage handling the sale, requiring potential buyers to sign an NDA forbidding communication between the developer, where it’s “typically customary” to have the borrower take part in a process such as this.
Those interested in bidding on the property must be prepared to pay up a hefty $5 million deposit without a clear explanation of the status of their deposit if the auction is adjourned, reported The Real Deal.
When El-Gamal was unable to pay off the loan in March, he supposedly claimed he was in the process of getting a term sheet to refinance it and requested to postpone the auction until then.
The hotel opened in the summer of 2021, after originally being set to open in late 2020. The resort has a total of five restaurants and bars and more than 200 rooms.
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New York Ranks As The #5 State Most Americans Want To Move Out Of
New York has always been a hub for migrants from all over the world, but I think it’s safe to say that the number of people moving here has been a lot more noticeable in the past decade or so.
Numerous natives have complained about overpopulation and gentrification, which has taken a toll on many cultural communities in the five boroughs.
According to the U.S. Census Bureau, the population of New York City has been steadily increasing over the past decade.
In 2010, the city had a population of 8,175,133 – more than some small countries! By 2019, this number had grown to 8,336,817, an increase of over 161,000 people.
On average, about 50,000 people move to New York City each year.
As for New York State, the population is a whopping 19.68 million, but according to a study done by storage unit comparison site SelfStorage.com, New York is the #5 state people want to move out of!
The SelfStorage team wanted to find out which US state people are moving to the most and which state they are moving from the most. To do this, they analyzed a range of keyword phrases related to moving and relocation.
Where do people want to move from?
After searching specific keywords like “moving companies,” “packing and unpacking services,” and “professional movers” in each respective state, the team was able to gauge where people were looking to escape from.
Clearing the top 5 of the list was:
- Florida
- Utah
- Idaho
- Colorado
- New York
“New York ranks fifth with a search volume of 124 per 100,000 population. While New York remains an attractive place to live for many, the data suggests that many residents are searching for information about moving out of the state. Factors such as high living costs, traffic congestion, or seeking a lifestyle change may contribute to this interest in relocation.”
Where do people want to move to?
By looking at the number of queries for each state, they’ve identified that the top 5 states people most interested in flocking to are Texas, Florida, California, Hawaii, and Arizona.
New York lands at #10 on that list which isn’t surprising. WE love NYC, but we’ve all heard numerous complaints from newbies over the past few years with our “strict” COVID-19 precautions driving many people away in more recent times.
A recent study was done by TripAdvisor, where tourists ranked NYC as the 73rd most overrated city. It is not the worst ranking since just a few months ago, vacation site Family Destinations Guide decided to figure out the most popular tourist attractions in the U.S., and coming in at the fourth spot is NYC’s very own Central Park.
Sound like there’ll be more space for us soon!
If you plan to stick around for a while, check out our Secret Guides to the best of the best around NYC!
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A Massive Street Fair Is Taking Over Madison Avenue For Bastille Day
The largest celebration of France’s Bastille Day in NYC is coming to Madison Avenue on Sunday, July 16th. Though the national holiday is actually observed on Friday, July 14th, Sunday’s festivities are not to be missed.
What is Bastille Day
This beloved French holiday, celebrated every July 14th and otherwise known as la fête nationale, marks the fall of the Bastille in Paris. The Bastille was a state prison in the 17th and 18th century, representing the injustice of the monarchy.
It was the mob that charged the Bastille on July 14th, 1789 that signaled the beginning of the French Revolution. When the Bastille was besieged, the people had successfully released the seven prisoners currently captive at the time. The day became an official French holiday in 1880.
Where is the Bastille Day Street Fair?
The Bastille Day Street Fair is taking place on Madison Avenue from 59th to 63rd Street and on 60th Street from Fifth Avenue to Madison Avenue.
When is the Bastille Day Street Fair?
The Bastille Day Street Fair is happening on Sunday, July 16th from 12-5pm.
What is happening at the Bastille Day Street Fair?
The Bastille Day street fair will feature everything surrounding francophone culture such as live music, family activities, rosé & bubbly parties, prize drawings, an exclusive film screening, and over 50 booths offering French food to indulge in.
Music
Some of Broadway’s Moulin Rouge! The Musical cast will perform excerpts from the theater production, in addition to vocal and harp arrangements from Paris-based singer, Naomi Greene and electro beats from half of the French duo, Cosmic Gardens.
Food
Taste the delicacies of the country and other francophone cities with 50+ food and lifestyle purveyors that will be located on Madison Avenue, between 61st and 63rd Street. Featured vendors include Benoit NYC, Bourke Street Bakery, Oyster Party, Crepe Suzette, Home Frite, Saint Martin, and many more.
Prizes
New Yorkers can win a grand prize of a 5-day getaway to Saint Martin, complimentary of La Samanna, A Belmond Hotel, and the Saint Martin Tourism Office. Other prize drawings vary between experiences in fashion, lifestyle and food, like tickets to Broadway’s Moulin Rouge! The Musical and a FIAF Premier Membership & French Class package.
Family Activities
The whole family can enjoy activities from playground games to fitness challenges and Bastille Day-themed coloring. Try your hand at pétanque at free courts on 60th Street by Fifth Avenue or take a look at French cars taking part in the annual rally of The Greater New York Citroën & Velosolex Clubs on 60th Street & Fifth Avenue.
Find out even more about the Bastille Day Street Fair in NYC on FIAF’s website.
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