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785 Eight Avenue bankruptcy

Started by Riversider
over 14 years ago
Posts: 13572
Member since: Apr 2009
Discussion about
New York City real estate-company 785 Partners LLC, owner of a 42-story glass tower at 785 Eighth Avenue, filed for bankruptcy protection. The company listed both assets and debt of $100 million to $500 million in Chapter 11 documents filed today in U.S. Bankruptcy Court in Manhattan. http://www.bloomberg.com/news/2011-08-03/luxury-n-y-apartment-cooperative-owner-785-partners-files-for-bankruptcy.html
Response by Riversider
over 14 years ago
Posts: 13572
Member since: Apr 2009

Seems like this one never had a chance. Maybe it will come back as a rental or hotel?

Forget those recent signs of life at Hell's Kitchen sliver tower 785 Eighth Avenue. The Ismael Leyva-designed 43-story oddity, which has the largest windowless wall known to man, is currently frozen while an $84 million foreclosure suit winds its way through the courts, The Real Deal reports. Over the years we've tracked a number of surprising developments regarding the building, including a partial switch to an extended-stay hotel and a brief 45-apartments-for-61-million offering. Legal filings show some other shady twists and turns, like the time when the developer became the building's only buyer, and when Irish investors were pitched on the units with down payments of just $1,000 each. Sorry, you're too late, we've already claimed "Irish Investors, $1,000 Down Payments" for the title of our book on the collapse of the global economy.

http://ny.curbed.com/tags/785-eighth-avenue

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Response by harlembuyer
over 14 years ago
Posts: 176
Member since: Dec 2010

Riversider: Nice to see you are out of streeteasy purgatory! The "sliver building" always fascinated me.

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