Large Ponte family project on Greenwich and Desbrosses files for bankruptcy

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March 18, 2019- TribecaCitizen reports, “The group that dug the large hole in the ground at Greenwich and Desbrosses (i.e. 456 Greenwich) that was scheduled to be the “Hotel Barriere Le Fourquet” filed for Chapter 11 bankruptcy protection on Thursday, according to The Real Deal. I would say that this officially explains the delay. The partners claim that the landlords — the Ponte family — made it impossible for them to secure a construction loan. This quote from TRD:

The property is leased from the Ponte family, which owns a good chunk of northern Tribeca, having first put its stake in the ground in the ’60s with Ponte’s Restaurant on Desbrosses and West and then buying up warehouses and parking lots nearby (while also running a trash hauling business, natch). They sold the property for 70 Vestry to Related, and lease the ground under Truffles Tribeca and 15 Renwick, just to name a few. (This link will give you an overview on the family’s holdings — shout out to my classmate C.J. Hughes.) CBCS Washington Street LP — a partnership between Western Management Corp. and Caspi Development Corp. — leased the site for the hotel from them in 2013. Some other intel from The Real Deal:”

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