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New York

RAL backs down from Bossert

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Developer RAL Companies has apparently walked away from its agreement to purchase the former Bossert Hotel, located at 98 Montague Street, for $92 million from the Watchtower Group. An agreement to sell the 14-story, 224-unit building was signed by RAL this spring and was scheduled to close by the end of September. One source says lack of financing stemmed the purchase. The property will probably return to the market soon with a lower price tag.