The Real Deal New York

Posts Tagged ‘29-37 41st avenue’


  • 29-37 41st Avenue

    A developer that sought to build a Starwood Aloft Hotel in Long Island City filed for Chapter 11 bankruptcy protection just over a month after its lender U… [more]

    4 Comments

  • The vacant site at 29-37 41st Avenue

    Lender U.S. Bank won a judgment for $17.2 million, in a decision published yesterday, against a developer that sought to build a Starwood Aloft hotel in Long Island City, but the project stalled and the site remains vacant. In addition to the judgment on the loan, the decision awarded the bank $4.3 million in personal guarantees given by four individuals to secure the loan. The lender’s victory over the investors may portend further trouble for developers citywide who frequently provided millions of dollars in personal guarantees during the building boom to encourage lending, but who now are facing judgments by lenders seeking to collect on their promises to pay all or portions of loans. The developer, Queens Plaza Development, filed plans to build a 16-story hotel at 29-37 41st Avenue in Queens Plaza near the Queensboro Bridge, Department of Buildings documents show. Last year, Starwood’s Web site identified the 249-room project as By the Bridge, with an opening date of Dec. 31, 2010, but that information is no longer available on the site. Starwood did not immediately respond to a request for comment…. [more]

    Comments
MENU