The Chetrits owe Mack Real Estate Credit Strategies $223 million in mezzanine loans on the Carter Hotel, which has been dubbed 'America's filthiest hotel.' This financial crisis has led to imminent threats of foreclosure unless new payment terms are negotiated before the February court hearing.
The hotel has been a long-standing eyesore in Times Square, surrounded by scaffolds and construction fences after the Chetrits' stalled renovation. Local businesses and civic leaders have voiced their frustrations as it continues to remain in disrepair.
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