Capital Insight Won Foreclosure Auction for Ninth Avenue Site
The investment firm secured the former Cassa Hotel property in a credit bid between $68 million and $71.3 million.
Updated on Sept. 18, 2026 in Commercial
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Capital Insight has acquired 511 Ninth Avenue in Manhattan following a successful credit bid at a foreclosure auction. The firm took control of the site after purchasing the property debt last year.
Why it matters
The acquisition marks a major transition for the Hudson Yards property, which has remained vacant since the Cassa Hotel shut its doors in 2020. Capital Insight now aims to reposition the building's commercial space to generate consistent cash flow.
The 12-story property contains six individual commercial condominium units. The site was previously bolstered by a $15 million investment from the Chetrit Group and Read Property Group in 2012.
The players
Capital Insight
This is an investment firm that recently transitioned to ownership of the property after purchasing its debt.
Assa Properties
This is a real estate developer formerly led by Solly Assa that previously managed the site.
Solly Assa
He is a real estate developer who originally purchased the Ninth Avenue site in 2006.
Chetrit Group
This is a prominent New York City-based real estate development and investment company.
Read Property Group
This is a real estate investment firm that partnered on the 2012 financing for the site.
The details
Capital Insight utilized a credit bid to win the auction, effectively replacing Assa Properties as the site owner. The firm intends to operate the building's commercial units as an income-generating asset.
Timeline
Solly Assa purchased the site in 2006.
Chetrit Group and Read Property Group invested $15 million in 2012.
The Cassa Hotel closed in 2020.
Capital Insight acquired the property debt in 2025.
The foreclosure auction report was published on September 18, 2026.
Culture Shift
This acquisition reflects the ongoing stabilization efforts within New York City's commercial real estate market as distressed assets transition to new institutional ownership. It highlights a shift away from legacy hotel developments toward more diversified commercial usage models.
The transition of this property into a cash-flowing asset may lead to the eventual reactivation of the site's six commercial units for new businesses. Local residents may see changes to the building's street-level presence as the new owners begin their management strategy.
The takeaway
The successful foreclosure auction signals a new chapter for the Ninth Avenue site under different financial management. Prospective commercial tenants should monitor the property as the new owners finalize plans for the available retail spaces.
Further reading
For more background on real estate trends, explore New York City Commercial.
Source note: This article includes information reported by The Real Deal New York.
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