It’s not the Ryugyong Hotel in Pyongyang, North Korea (which is still not open after 29 years of on and off work), but a hotel on the Lower East Side is sitting unfinished, and is up for grabs after what at least feels like a similarly long time. The 16-story, 92-key Allen Street Hotel will be up for auction on May 10, Bowery Boogie reports. This is the second time since January of 2015 that the property has been seized from developer D.A.B. Group.
The project dates back to 2008, just before the area was downzoned. However, after about three years, it went into foreclosure. A $33 million deal was in place last year, but fell apart.
The May auction bills the structure as 32 percent complete, with "spectacular city views" at a "prime location in heart of booming local market." The plan included a rooftop lounge and a buyer could still make that happen. You need to be able to present a check for $2 million just to enter the auction.