Allen Street Hotel Foreclosure Finally Goes Through, Three Years Later
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The Allen Street Hotel is still stalled out
While the 98-room Allen Street Hotel rots before our very eyes, the court proceedings over its ownership continue at a snail’s pace. Yet this week brings news of a breakthrough for Maverick Real Estate Partners, which acquired the $5.5 million loan and subsequently filed to foreclose on DAB Group in 2011. The owners of 139 Orchard Street fought back, but were ultimately unsuccessful.
The Real Deal reports that a five-judge appellate court panel ruled unanimously to allow Maverick to finally foreclose on the property. It should take effect by next month.
Lawyers for Maverick said the ruling will move the case back to Judge Charles Ramos, who would then move the foreclosure case towards a conclusion, possibly by March.
“There was no bad conduct,” said Morrison Cohen partner Y. David Scharf, representing Maverick. “The court said we’re on the path to foreclosure as there are no counterclaims that are viable.”
Guess those alleged death threats by DAB Group didn’t have an effect on the outcome.
Anyway, at this rate, a completed project might actually happen before 2020!
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Early rendering of the Allen Street Hotel
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