The Real Deal New York

Crane collapse site mortgage for sale

May 07, 2009 02:47PM

Arbor Realty Trust is looking
to sell its $71.65 million mortgage on 303 East 51st Street, the
construction site where a crane collapsed in March 2008, killing seven
people, according to the Observer. The Kennelly Development Company’s
original plan was to erect a 42-story condo building at the location,
and the developer poured more than $120 million into the project. The
developer stopped making payments after the crane accident, and the
building is now facing foreclosure.

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