A New York State Supreme Court judge has denied an attempt to speed up the foreclosure process on a $103 million loan taken out by the Long Island Marriott Hotel and Conference Center in Uniondale, owned by New York Islanders owner Charles Wang.
Judge Roy S. Mahon denied the motion for summary judgment to foreclose on the Marriott, citing inadequate proof that the lenders held the securitized mortgage note. Lawyers for the lenders can file another motion to for judgment with more paperwork and evidence, or the case may go to trial.
A lawyer representing the lenders did not return a request for comment.
Lenders for the loan filed for foreclosure in July after the hotel missed a payment in February and subsequent months, according to documents filed in New York State Supreme Court in Mineola. Wang purchased the hotel in 2005 as part of his Lighthouse plan to revitalize the Nassau Coliseum, which later fell through. The 618-room hotel is Long Island’s largest.
John McEntee, a lawyer representing the hotel and Wang, said he thought the motion was correctly decided and declined to comment further.