Developers Acquire Stalled 16-Story, 98-Key Hotel Project at 139 Orchard Street, Lower East Side

139 Orchard StreetPresent-day 139 Orchard Street, photo via Bowery Boogie

In 2011, D.A.B. Group defaulted on the mortgage for their 16-story, 98-key hotel project at 139 Orchard Street, located on the Lower East Side. The developer eventually lost control of the site and abandoned construction on the structure, although the building topped out before work stopped. The latest development is that Fortuna Realty Group and Elk Investors won an auction to acquire the stalled-out project for $30.75 million, The Real Deal reports. Buildings applications indicate the hotel will measure 39,064 square feet. The new owners plan to finish construction on the building as a hotel. Completion is expected sometime in 2017.

139 Orchard Street

Previously planned 139 Orchard Street, rendering via Massey Knakal

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1 Comment on "Developers Acquire Stalled 16-Story, 98-Key Hotel Project at 139 Orchard Street, Lower East Side"

  1. An alive of 16-story ready to show up, kick off standstill from the past to be hotel.

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