The Barley Boys

Main Menu

  • Home
  • Music Album
  • Singer Music
  • Music Artist
  • Musical Group
  • Explore
    • Music Industry

logo

The Barley Boys

  • Home
  • Music Album
  • Singer Music
  • Music Artist
  • Musical Group
  • Explore
    • Music Industry
Music Industry
Home›Music Industry›Williamsburg Hotel and Resi Project Listed for Bankruptcy Sale – Trade Observer

Williamsburg Hotel and Resi Project Listed for Bankruptcy Sale – Trade Observer

By Kimberly L. Ferguson
June 17, 2022
0
0
Share:

A Brooklyn hotel project that filed for bankruptcy protection in December 2020 is now up for bankruptcy sale, Commercial Observer has learned.

Call for tenders for the project under construction at 159 Broadway starts at $28 million. Plans filed for the site describe a 26-storey tower comprising apartments and a 235-room hotel.

Rosewood Real Estate Group was exclusively engaged to market the bankruptcy sale. A source said Rosewood is considering partnering with the former owners in a joint venture to recapitalize the project. Cornell Realty appears to be the owner according to previous reports

“This is an unparalleled opportunity to develop what is potentially North Brooklyn’s best development site,” said Greg Corbin, the president of bankruptcy and restructuring at Rosewood Realty Group. “With its unbeatable location, stunning views of Brooklyn and Manhattan, rooftop pool, fitness center, restaurant and bars, the property will provide significant cash flow and be a huge hit.”

The previous owners, two LLCs registered as 159 Member of Broadway and WB Bridge Hotel, listed assets and liabilities of $10 million and $50 million, respectively, in a Chapter 11 petition filed in Manhattan. The Chapter 11 court filing covers a 26-story tower planned for 159 Broadway which includes apartments and a 235-room hotel, according to Bloomberg.

Located in a Qualified Opportunity Zone, the 130,154 square foot site includes a 25-year industrial and commercial relief program. The site is currently in the early stages of excavation and construction can resume immediately.

Cornell Realty officials did not immediately respond to a request for comment.

Emily Fu can be reached at [email protected].

Related posts:

  1. Elvis Presley’s streaming channel is coming
  2. Houston native Bill Bentley pays tribute to great Texas musician Roky Erickson with new tribute album
  3. ICE – Manager Licensing Administration (m / f / d) (DE)
  4. Convergent Divergence: When bankruptcy and the family courts collide
Previous Article

Kedward Avilés: the Puerto Rican singer destined ...

Next Article

How to remove an artist or song ...

0
Shares
  • 0
  • +
  • 0
  • 0
  • 0
  • 0

Related articles More from author

  • Music Industry

    Restructuring and Insolvency in the Netherlands

    August 5, 2021
    By Kimberly L. Ferguson
  • Music Industry

    Forma Brands Considers Bankruptcy, Hims & Hers Moves Key Staff, Terminix Approves Merger

    October 16, 2022
    By Kimberly L. Ferguson
  • Music Industry

    Absolute Dental & Orthodontics opens new practice in southern Nevada

    June 24, 2021
    By Kimberly L. Ferguson
  • Music Industry

    Monthly Restructuring and Insolvency Update | February 2022 – Insolvency/Bankruptcy/Restructuring

    March 22, 2022
    By Kimberly L. Ferguson
  • Music Industry

    Bankruptcy clause of the US Constitution: on the move!

    June 15, 2022
    By Kimberly L. Ferguson
  • Music Industry

    30-year-old Kohala firm eyes bankruptcy after local bank appealed for PPP loan

    July 14, 2022
    By Kimberly L. Ferguson

  • Singer Music

    Gandhi in heels? The statue of Maria Callas is wrong | Maria callas

  • Music Industry

    “8 more years before Allen Iverson can access his $32 million!” : How Reebok created a trust fund for “The Answer” and saved it from bankruptcy

  • Music Industry

    US judge approves Purdue Pharma, Sacklers’ $6 billion settlement