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Delayed Bowery Hotel Project is Latest Foreclosure Victim

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Much time has passed since our friends at FLAnk Architects debuted the design of their boutique hotel at 250 Bowery, notable for its facade of steel and eco-friendly touches like geothermal wells. But spot checks of the site one year later and in January were remarkably similar in that they showed absolutely nothing is going on with the project. Now, The Real Deal reports that Wells Fargo has filed suit to foreclose on 250 Bowery, claiming that developer Peter Moore Associates defaulted on over $40 million in loans. This is quite the messy affair, with Moore's lawyer saying the lender is the one with financial problems, and at least four separate lawsuits in play. How it will all get sorted out, we're not sure, but it's safe to assume check-in will be even later.
· Wells Fargo sues to foreclose on 250 Bowery [Real Deal]
· 250 Bowery coverage [Curbed]

250 Bowery

250 Bowery, New York, NY 10012