Developer files for Chapter 11 to prevent auction of Hudson Heights dev site

Foreclosure was slated for August 15

New York /
Aug.August 20, 2018 10:00 AM

An illustration of a bankrupt man and a rendering of One Bennett Park at 33-35 Overlook Terrace (Credit: PropertyIDX and iStock)

Just before a long-delayed Hudson Heights condominium project hit the auction block, its developer filed for Chapter 11 bankruptcy.

Developer Rutherford Thompson filed for bankruptcy protection for the holding company that owns the development site at 33-35 Overlook Terrace, known as One Bennett Park, Crain’s reported. A foreclosure auction for the site was scheduled for August 15, but now the developer has extra time to find a buyer.

“For the last several months, I have worked diligently to sell the property,” Thompson said in the bankruptcy filing. “The goal of the Chapter 11 filing is to preserve the status quo while the debtor takes one final opportunity to procure a buyer for the property so as not to forfeit a project that still retains a potentially bright future after 10 years of turmoil.”

Thompson purchased the site in 2006 and planned to build a 23-story, 114-unit residential condo building. But the project faced some construction hurdles and then was hit hard by 2008 recession. Amalgamated Bank, which owns more than $30 million in debt against the site, scheduled the foreclosure auction. [Crain’s] — Kathryn Brenzel


Related Articles

arrow_forward_ios
With a cooling trade war, stocks perform well, including real estate. (Credit: iStock)

Real estate stocks push up this week as U.S.-China trade tensions ease

Real estate stocks push up this week as U.S.-China trade tensions ease
416 West 25th Street and Maverick Real Estate Partners principal David Aviram (Credit: Google Maps and LinkedIn)

Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case

Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
As workers trade in suits for sweatpants, 1 in 6 dry cleaners has closed or gone bankrupt (Getty)

Pandemic takes drastic toll on dry cleaners

Pandemic takes drastic toll on dry cleaners
Cineworld Group CEO Mooky Greidinger and Regal Cinema (Photo via Getty; Wikipedia)

Regal Cinemas scores financial rescue package

Regal Cinemas scores financial rescue package
The second-largest movie theater operator in the U.S. is hunting for a financial lifeline (iStock)

Regal Cinemas in talks for rescue deal

Regal Cinemas in talks for rescue deal
One Madison Avenue and Marc Holliday (Photos via SL Green)

SL Green snags $1.25B construction loan for One Madison Avenue

SL Green snags $1.25B construction loan for One Madison Avenue
381 Broadway (Google Maps)

Two-year foreclosure battle in Tribeca culminates in bankruptcy filing

Two-year foreclosure battle in Tribeca culminates in bankruptcy filing
11 Penn Plaza and 120 Wall Street (VNO, Wikipedia Commons)

Manhattan’s top real estate loans post second best month since March

Manhattan’s top real estate loans post second best month since March
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...