Cipriani, the go-to Manhattan venue for celebrity galas and corporate holiday parties, faces the prospect of foreclosure at two New York City locations after defaulting on its mortgage last year.
The hospitality company has been in default since May 2020 on $53 million in mortgage debt, according to real-estate data firm Trepp. The loan, which is packaged into bonds, are backed by two Cipriani properties, on 42nd Street and Wall Street.
