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¿Que Pasa, Cassa?

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Midtown's Cassa Hotel and Residences, the new ivory tower on West 45th Street designed by architect Enrique Norten, is seeking bankruptcy protection. But don't blame slow sales. The developer, Assa Properties, says operations "remain strong," but the building is in financial turmoil because contractors and subcontractors have filed $20 million in mechanic's liens against the property, and that has hurt the condo sales effort. According to court paperwork, an unknown bidder has offered to buy the property for $126 million. [WSJ; previously]

Cassa Hotel & Residence

70 W45th Street, New York, NY 10036