The Real Deal New York

Incomplete Allen Street Hotel project site hopes for $30M

Massey Knakal marketing long-stalled, 98-room LES site
November 03, 2014 05:35PM

A half-finished Allen Street Hotel at 139 Orchard Street on the Lower East Side has hit the market.

Massey Knakal’s James Nelson is bringing the building to market, according to Crain’s, to bring it out of bankruptcy proceedings after it fell into default in 2011.

The transaction will be a 363 sale, in which the the broker finds a bidder to set a market value to it, according to the news outlet. After that, the property will be auctioned off. In July, a Manhattan Supreme Court judge expanded the authority of a court-appointed receiver to allow the fiduciary to re-launch construction there, as The Real Deal reported. 

Nelson told Crain’s he expects that the building’s sale price will exceed $30 million. Last week, Massey Knakal brokered the $30 million transaction of 66 Pearl Street. [Crain’s] — Claire Moses