It's starting to seem like hotelier Andre Balazs and Charles Blaichman have a piece of every potential development near the High Line. Or had. They were Jay-Z's partners for 345 West 14th Street, until they defaulted and DDG partners bought the loan. They also purchased 500 West 21st Street, where there's now a garage, with plans for a time-share hotel. But they defaulted on that mortgage, too, and they've now transferred the property to Sherwood, the developer of the Times Square M&M Store. Sadly, that doesn't mean multi-colored chocolate at the High Line: Sherwood exec Jeffrey Katz tells the Wall Street Journal he'll probably build condos on the site, but not until 2012 or so. Why not? Says Katz: "We are not intending to build anything there right now because we're not out of our minds, quite frankly." Ooh, burn!
· High Line Neighbor On New Track [WSJ]
· Andre Balazs, Jay-Z Partner for Hotel That's Already Not Happening [Curbed]