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
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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.
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