The Allen Street Hotel, a sixteen-story stalled hotel project at 139 Orchard Street, which crashed and burned, is coming back to life. The unfinished $39 million eyesore on the Lower East Side which was capped by DAB Group in February 2011, and left for dead when banks foreclosed on an unpaid $5.5 million loan.
Richter + Ratner, who intend to complete the final leg of construction, recently purchased the unfinished property for $28 million.
The project has a scheduled completion date of January 2014.
Richter + Ratner, who intend to complete the final leg of construction, recently purchased the unfinished property for $28 million.The project has a scheduled completion date of January 2014.
As if Orchard Street was not already in dire straits - what with stalled projects, towering hotels, and scattered demolition work - here it will stand sixteen stories of gleaming glass and steel, amidst blocks of decimated, low-rise tenements.
View the slideshow below
View the slideshow below
