Deals
New York's Plaza Hotel Up for Sale in Foreclosure Auction
- Billionaire Reuben brothers said to foreclose on mortgage
- Plaza's main owner, India's Roy, has been jailed since 2014
New York’s Plaza Hotel is poised to go on the auction block next month, potentially ending two years of uncertainty over ownership of the storied property off Central Park.
Billionaire brothers David and Simon Reuben hold the mortgage on the five-star hotel and have scheduled a foreclosure auction for April 26, according to a person with knowledge of the matter, who asked not to be named because the sale hasn’t been made public yet. The Reubens bought the loan from Bank of China Ltd. after a default by the property’s current majority owner, Sahara India Pariwar, last year. Sahara is controlled by Subrata Roy, who was imprisoned in India in early 2014 for defrauding investors.