Brooklyn’s The William Vale sells for $177M

International news
The William Vale Hotel in Brooklyn has finally got a new owner, ending a long, fierce bankruptcy battle. The iconic towering, luxury lifestyle hotel in Brooklyn’s Williamsburg neighborhood has sold for $177 million.

The deal follows a three-year ownership restructuring and litigation process, led by Asaf Ravid, chief restructuring officer of All Year Holdings Ltd., resulting in the full payment of all outstanding secured bonds.

The hotel was caught in the midst of an acrimonious dispute between Yoel Goldman and his former partner Zelig Weiss. Weiss and Goldman jointly owned The William Vale and ground lease, according to a news report. Things started turning messy when Goldman’s former company, All Year Holdings, filed for bankruptcy in 2021. While Weiss tried to acquire the hotel, he didn’t close on a deal and also attempted to block a sale to another bidder, according to the report. In October 2023, Weiss exited the hotel’s lease, enabling All Year Holdings to sell the hotel.

The initial proceeds from the bid will be used to repay the hotel’s creditors, including the Israeli bondholders. Weiss is likely to receive some proceeds from the sale, after all the creditor are paid off, the report added.