Williamsburg hotel project up for bankruptcy sale

Owners of planned 26-story tower at 159 Broadway filed for bankruptcy in 2020

New York /
Jun.June 21, 2022 09:30 AM
Renderings of 159 Broadway in Williamsburg (Cornell Realty Management, Rosewood Realty Group, iStock)

Renderings of 159 Broadway in Williamsburg (Cornell Realty Management, Rosewood Realty Group, iStock)

A Williamsburg hotel project is up for grabs in a bankruptcy sale more than four years after plans were filed for the tower at 159 Broadway.

The project, which is under construction, is being marketed by Rosewood Realty Group, the Commercial Observer reported. Bidding for the project will start at $28 million.

The owners of the planned 26-story hotel and residential tower, 159 Broadway Member and WB Bridge Hotel, reportedly filed for bankruptcy towards the end of 2020. The former has ties to Cornell Realty Management, sharing an address with Isaac Hager’s firm.

Cornell did not respond to the Observer’s request for comment.

Cornell filed plans at the site in 2018, calling for a mixed-use building with 21 residential units and 235 hotel rooms. The building was set to rise 277 feet tall and span about 96,000 square feet, including 77,000 square feet of commercial space and 18,000 square feet of residential space.

The company paid approximately $26.2 million for the site in November 2017, according to property records.

Construction is paused at the site but can be resumed by an owner immediately, according to the Observer. The site is in the early stages of excavation. It’s situated in a qualified opportunity zone and includes a 25-year industrial and commercial tax abatement.

Bankruptcy and Williamsburg hotels have combined to make headlines recently. Earlier this month, bankruptcy judge Robert Drain stripped developers Toby Moskovits and Michael Lichtenstein of control of the bankrupt Williamsburg Hotel after it was found they might have committed fraud.

An independent trustee was put in control of the 147-room hotel for the bankruptcy process. Moskovits and Lichtenstein remain the owners, but have been removed from overseeing operations.

[Commercial Observer] — Holden Walter-Warner





    Related Articles

    arrow_forward_ios
    From left: 121 West 26th Street, Watermark’s Brendan Medzigian and Two Kings Principal Christopher Wang (Google Maps, Watermark , LinkedIn)
    Watermark Capital sells Holiday Inn in Chelsea for $80 million
    Watermark Capital sells Holiday Inn in Chelsea for $80 million
    Jim Chanos, president and founder of Chanos & Company LP (Getty Images, iStock/Photo Illustration by Steven Dilakian for The Real Deal)
    Jim Chanos’ next Big Short: data centers
    Jim Chanos’ next Big Short: data centers
    From left: Lawrence Friedland and Stanley Zabar in front of 2231 Broadway (Getty Images, Friedland Properties, iStock)
    Friedland sues Zabar family in UWS dispute
    Friedland sues Zabar family in UWS dispute
    Allure’s Joel Landau and 9036 7th Avenue in Brooklyn (Allure, Google Maps)
    Abe Leser’s ailing hospital deal revived for $160M
    Abe Leser’s ailing hospital deal revived for $160M
    Skylight Real Estate's Bennat Berger with 300 Grand Street (Skylight Real Estate, Street Easy, iStock)
    Scarcity play: Hoboken apartments fetch $56M
    Scarcity play: Hoboken apartments fetch $56M
    From left: Bert H. Dweck and Joe Sitt with 790 Madison Avenue (
    Joe Sitt, Bert Dweck settle Madison Ave dispute with fashion house
    Joe Sitt, Bert Dweck settle Madison Ave dispute with fashion house
    IBM's Arvind Krishna and One Madison Avenue (IBM, One Madison Avenue, Illustration by Kevin Cifuentes for The Real Deal)
    IBM CEO: Only 60% of office workers will ever return full-time
    IBM CEO: Only 60% of office workers will ever return full-time
    Marcus & Millichap Associate David Ferber in front of part of the 30-building, 319-unit portfolio concentrated in Jersey City (Marcus and Millichap, iStock)
    Hot rental market boosts NJ multifamily despite rate hikes
    Hot rental market boosts NJ multifamily despite rate hikes
    arrow_forward_ios

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

    Loading...