Chef Laurent Tourondel, of BLT Restaurants fame, is bringing his latest restaurant creation to the Cassa Hotel and Residences, the project’s developer announced today. The concept has yet to be revealed — except that it will be an “American brasserie” serving breakfast, lunch and dinner daily, as well as drinks in the hotel’s soon-to-open vertical garden. Room service to Cassa’s 165 hotel rooms and 57 condominium residences will also be available. Last month, developer Assa Properties entered into a binding contract to unload the hotel portion of its bankrupt 70 West 45th Street project for $130 million. TRD [more]

Assa Properties has inked a “binding” contract to unload the hotel portion of its bankrupt Cassa Hotel and Residences for $130 million, the developer announced today. Assa said the proceeds will be used to pay down the property’s debt, after which the condominium portion of the building — floors 27 through 48, which they say is worth more than $120 million — will be “firmly in their hands.” The buyer was identified in the announcement only as an “international investor,” and a spokesperson for Assa declined to comment further. Earlier this week, Assa’s Waterscape Resorts subsidiary filed for bankruptcy protection for the 70 West 45th Street project, which was completed in September 2010 and contains 165 hotel rooms and 57 condos. TRD [more]

The developer of the Cassa NY Hotel and Residences near Times Square has filed for bankruptcy protection for the project, citing legal battles that have made it difficult to move units. According to the Wall Street Journal, Waterscape Resorts, an affiliate of Solly Assa’s Assa Properties, said contractors and subcontractors have filed around $20 million in mechanic’s liens against the condominium-hotel in order to guarantee their payments, hindering sales and causing the developer to default. Cassa, which has 165 hotel rooms and 57 condo units, was completed in September 2010 but had sold only five units by the end of last year. [more]

Waterscape Resort, the owner of the new, 50-story Cassa Hotel and Residences — at 66-70 West 45th Street in Midtown — is suing construction firm Pavarini McGovern for $30 million, alleging that the firm never obtained insurance to cover defaults by its subcontractors. Pavarini claims, however, that it did get the insurance and paid hundreds of thousands of dollars in premiums, Crain’s reported. In June 2007, Waterscape hired Pavarini to build Cassa, which is developed by Assa Properties. Under the agreement, Pavarini was obligated to purchase Subguard insurance to protect against potential default by its subcontractors. [more]

In a bid to attract more foreign buyers, the developer of Midtown condominium-hotel Cassa has hired brokerage Prodigy International to handle sales, replacing new development firm the Marketing Directors. Developer Solly Assa, a head of Assa Properties, told The Real Deal today that Prodigy is now the exclusive marketing and sales agent for the 48-story glass tower, located at 70 West 45th Street. “We’re targeting more of an international client,” he said. “Prodigy is really catering to international consumers.” Assa said that the Marketing Directors sold nearly 40 percent of the project’s 57 condo units since sales began in June. The building was designed by Cetra/Ruddy and TEN Arquitectos, the Mexico City firm headed by Enrique Norten. When completed this spring, it will house 166 hotel rooms operated by Desires Hotels. [more]

From left: developer Solly Assa, rendering of Cassa hotel and residences

At the Cassa
hotel and residences at 70 West 45th Street, 17 of the 57 residential
units have already been sold, according to developer Solly Assa of Assa
Properties. Five or six buyers have bought more than one unit, with
plans to combine them; one buyer purchased four units, and two other
buyers bought three each. Assa said he anticipated buyers’ plans to
combine the units to make larger apartments and designed the building with that type of flexibility in mind. He
said the concrete exterior, with wider and skinnier windows along the
façade, was designed to accommodate the combined duplexes and triplexes
desired by his clients. Construction on Cassa has not yet been
completed, but the building is keeping pace so far with its $90 million
construction budget. [NYT]
[more]

Architect Enrique Norten with a model of Cassa

Architect Enrique Norten, developer Solly Assa and other luminaries turned out this week for the launch party for Cassa, a condo and boutique hotel at 70 West 45th Street. Architect Nancy Ruddy, co-principal of Cetra/Ruddy Architects and a designer of the project with Norten’s firm, Ten Arquitectos, told The Real Deal in May that the building would be constructed economically. The project will include 57 residential units and 166 hotel rooms. Below are some photos from the party, held at 1140 Avenue of the Americas. Cassa’s condominium units are now in pre-sales. TRD [more]