In his decades of experience as an investor and developer in the real estate industry, Solly Assa has done it all: residential, retail, hotel and commercial. As the founder and CEO of Assa Properties, he has created an array of luxury properties, from opulent residences to sleek hotels. The company owns and operates over 3 million square feet of real estate across the United States and Mexico.
Solly Assa designed Assa Properties’ flagship brand, Cassa Hotel & Residences, to marry his love of upscale residential properties with hotel-style conveniences. The brand consists of three properties: Cassa NYC and Cassa Times Square, both located in the heart of Manhattan, and Cassa Puerto Vallarta, a new property that will be nestled along the Pacific Ocean coastline in Mexico. The properties contain a mixture of guest rooms, rentals and condos that pair tasteful luxury with extensive amenities such as maid service, child care, pet sitting, and fitness centers, all offered al la carte. The properties offer owners an unparalleled degree of flexibility, allowing owners to alter floor plans or merge units to create a customized, ideal living space.
Cassa NYC, located at 70 West 45th Street between Fifth Avenue and Avenue of the Americas, features 165 guest rooms capped by 21 floors of rental and condo units. Its Showtime-themed penthouses, modeled after TV series like Dexter, Californication, and Weeds, offer private elevators and panoramic views of the Manhattan cityscape. Cassa Times Square, at 515 Ninth Avenue between 38th and 39th Streets, has 108 rental residences and 100 guest rooms. The roof deck, a pleasant outdoor space with loungers, lawn space, and a jacuzzi, offers residents and guests sweeping views of the city’s western skyline and the Hudson River. Cassa Puerto Vallarta, which is still in development, will be a resort-style complex with approximately 300 condo units and 150 hotel rooms. In addition to the amenities offered at the other Cassa locations, Cassa Puerto Vallarta will also have outdoor pools, cabanas, a beach club, spa services, watersports, and more.
Solly Assa prides himself on his long track record of collaboration with the hospitality industry to create trendy nightlife and dining experiences at his properties. This includes Bar Gonzo, a restaurant and lounge within Cassa Times Square that pays homage to the iconic writer Hunter S. Thompson, and Butter, the upscale eatery at Cassa NYC, run by former Iron Chef Alex Guarnaschelli.
Driven by the idea of transformation, Solly Assa looks for underutilized assets in upscale markets and revamps them into desirable properties with strong brands. Unlike his competition, Solly prefers to hold his properties for the long-term, allowing them to accrue maximum value over time. He has always envisioned a diverse and imaginative portfolio that emcompasses all areas of development, which is exactly what he’s built. Most of his properties are located across New York City, where Assa Properties is based.
Solly is bullish about the future prospects of the real estate market. Assa Properties recently sold its 19 West 55th Street location, which is a nine-story, mixed-use property, for $50 million. Solly Assa renovated the property by outfitting apartments with luxury fixtures and modern finishes, as well as building out multi-level retail spaces. His vision and persistence resulted in 19 West 55th Street experiencing a significant rise in occupancy, increasing from 25 percent in 2013 to nearly 100 percent at the time of sale in 2018.