The unfinished shell of a tower at 138 Allen/139 Orchard Streets is back on the market for $28 million, just ready to be occupied as the largest, most dangerous open air dive bar in the neighborhood's history. We would call it VACANCY. More likely, however, is that someone will continue the Allen Street Hotel project at a deep discount, after it crashed and burned the first time around. The unfinished property went on the market last year for $39 million, when it was facing imminent foreclosure on an unpaid $5.5 million, and a few more millions in debts to unpaid contractors. Massey Knackal is now marketing the property, along with a contiguous mixed-use walk-up apartment building, for $28 million.
· Stalled Allen Street Hotel Listed for $28 Million [BoweryBoogie]
· 139-141 Orchard Street and 77 & 79 Rivington Street, New York, NY [MK]
· Allen Street Hotel coverage [Curbed]