The 18-story Midtown office building at 1414 Sixth Avenue was slated to be converted into a "six-star" inn from boutique hotel mastermind Ian Schrager, but like many planned six-star projects, the financing is now a bit of a mess. The WSJ reports that a real estate investment firm is angling to hijack ownership of the building after buying up all the debt. It might even go back to being a cubicle farm, in which case we're going to have to drop the astronomy thing. [WSJ; previously]
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