Capital Insight Purchased 511 Ninth Avenue at Auction
The former Cassa Hotel site in Hudson Yards has changed ownership following a foreclosure auction.
Updated on Sept. 18, 2026 in Commercial
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Capital Insight has acquired the former Cassa Hotel site at 511 Ninth Avenue in Hudson Yards through a credit bid at a foreclosure auction. The transaction marks a change in ownership from Assa Properties to the new debt holders.
Why it matters
This acquisition follows the long-standing closure of the 12-story Cassa Hotel property, which had previously faced significant financial shifts since its initial 2006 purchase.
Capital Insight secured the 12-story site for between $68 million and $71.3 million at auction. This property includes six commercial condominium units.
The players
Capital Insight
An investment firm that recently became the owner of the 511 Ninth Avenue commercial site.
Assa Properties
A real estate entity previously linked to the ownership and management of the Cassa Hotel site.
Solly Assa
A developer who originally purchased the Hudson Yards property in 2006.
Chetrit Group
A large-scale real estate development firm that provided capital investment for the project in 2012.
Read Property Group
A property investment firm that joined in the 2012 capital infusion for the building.
The details
Capital Insight gained control of the property after acquiring the site debt in 2025. The firm utilized a credit bid to complete the foreclosure process and assume ownership from Assa Properties, which had previously signed a lease with Vida Steakhouse for the space.
Timeline
2006: Solly Assa purchased the site.
2012: Chetrit Group and Read Property Group invested $15 million.
2020: Cassa Hotel closed.
2025: Capital Insight acquired the property debt.
September 18, 2026: The foreclosure auction results were published.
The Home Front
The property's current transition reflects a broader shift in the valuation trajectory since the 2006 acquisition of the Cassa Hotel site. This change highlights how commercial debt structures continue to influence the ownership landscape of Hudson Yards.
Neighbors and local business owners should monitor future public filings to see how the new ownership intends to utilize the six commercial condominium units. Residents can track property status updates via city land records.
The takeaway
The foreclosure and sale of the 511 Ninth Avenue site brings a new investor to the Hudson Yards corridor. Local property owners should keep an eye on building permit filings or zoning announcements to see if the new owner initiates updates to the commercial units.
Further reading
For more on large-scale property shifts in the region, explore Commercial.
Source note: This article includes information reported by The Real Deal New York.
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