A Canadian bank is demanding $15.9 million from the owners of the DoubleTree hotel in Tarrytown, in a mortgage foreclosure lawsuit.
CIBC Inc. sued 455 Hospitality, Harold F. Muller Realty and Tarrytown Holdings, the limited liability corporations that control the property, Oct. 15 in Westchester Supreme Court.
CIBC, a Manhattan subsidiary of Canadian Imperial Bank of Commerce, Toronto, is also demanding that the property be sold and a receiver be appointed to manage the business.
The DoubleTree by Hilton Hotel Tarrytown at 455 S. Broadway is near the last westbound exit of the Cross Westchester Expressway before the Gov. Mario M. Cuomo Bridge. It opened around 1960.
Harold F. Muller Realty and Tarrytown Holdings own the real estate, according to the complaint, and 455 Hospitality leases the grounds, holds the DoubleTree franchise agreement, and in 2010 borrowed $31.9 from CIBC.
The loan has been modified four times — most recently, last December. At that point, according to the complaint, the principal was reduced to $15 million and the final principal payment was due Jan. 10.
In January, CIBC extended the final principal payment by a month at the request of 455 Hospitality. In February, CIBC declined to extend the loan.
On Feb. 10, the complaint states, 455 Hospitality did not repay the principal and defaulted on a $233,377 monthly payment that included interest, fees and a portion of the principal.
CIBC claims it is owed $14.9 million on the principal as of Oct. 9, plus accrued interest, default interest, tax escrow payments and late payment charges, for a total of $15.9 million.
An organization chart attached to loan documents lists the 455 Hospitality owners as Paul Sirotkin, Alex Sirotkin, Tzvi “Teddy” Lichtschein, Eliezer Scheiner and Eliyahu Spitzer.
Scheiner and Lichtschein guaranteed the CIBC loan, according to the December 2019 loan modification agreement.
Frank P. Marino, a Purchase attorney who represents Tarrytown Holdings and Harold F. Muller Realty, did not respond to an email request for comment.
CIBC is represented by Manhattan attorneys Joel C. Haims and Amanda L. Gayer.
