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Luxury developer Alexico, hit hard by the credit crunch, has lost control of two Midtown hotels, the Flatotel and the Alex Hotel. The foreclosure proceeding also uncovered some naughty behavior by Alexico bosses Izak Senbahar and Simon Elias, who transferred millions in hotel funds to various affiliated properties (and themselves). Some of that cash went to The Mark, the renovated Upper East Side hotel that has been battling its own demons following a failed partial conversion to co-ops. Alexico is also at risk of losing a site where a rental tower was planned. [WSJ]

The Mark Hotel

25 E 77th St, New York, NY 11101