Lender wants more time to finish Allen Street Hotel

New York /
Mar.March 28, 2013 03:00 PM

The lender to the original developer of a long-gestating hotel project on the Lower East Side is seeking a time extension to finish up, the Lo-Down reported.

While many slow-moving hotel projects in the neighborhood have recently picked up pace, this incomplete 16-story development — known as the Allen Street Hotel and originally developed by DAB Group — remains stuck.

DAB’s lender is expected to request support next month from Community Board 3′s land use committee to finish the job, at 138 Allen Street (also known as 139 Orchard Street), between Delancey and Rivington streets.

The city Board of Standards and Appeals previously granted a two-year extension to the permit that expired March 15.

The project got the green light before the 111 block rezoning of the area in late 2008, despite it being out of scale. In 2011, DAB defaulted on a loan, which sparked some legal turmoil.

The new developer, Maverick Real Estate Partners, aims to wrap up construction next year.

In June, the hotel was on the block for $28 million. [Lo-Down]TRD


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