After long delay, demolition on the way for West Side development site

May 08, 2013 05:30PM

Five years after it was slated for demolition, it appears that plans to tear down 301 West 46th Street may finally be underway, Vanishing New York reported, citing tips from readers.

In 2010, Glenwood Management moved to foreclose on developer Tribeach Holdings’ $78.6 million in loans on the property. In August 2011, Glenwood and Tribeach settled the lawsuit, and Glenwood closed on the site, which consists of vacant land, a vacant mixed-use building and a parking lot.

Tribeach had planned to tear down the building, located on the corner of Eighth Avenue and West 46th Street, in order to build a 38-story hotel and condominium. Then the market crashed, and by 2009 the project had ground to a halt.

Bank of Scotland, the original lender on the project, declared loans given in 2007 for the acquisition and development of the project in default in September 2010. A lawsuit filed by Glenwood in New York State Supreme Court shows that about two weeks later, the bank sold the note for an undisclosed price to Glenwood’s entity, West 46th Street LLC, as previously reported. [Vanishing New York]Jaime Cone