The long-stalled Allen Street Hotel, located at 139 Orchard Street, needs a new owner. The property is currently stuck in bankruptcy proceedings, and to bring it out of that mess, James Nelson of Massey Knakal will sell the site in a 363 sale, meaning that he will "find a bidder" to set market value for the property. It's expected to fetch more than $30M, which seems ridiculous. It's been at its current status of half-built since 2010. [Crain's; previously]
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