NEW YORK CITY-Waterscape Resorts LLC, an associate of New York-based Assa Properties, has sought bankruptcy protection for the Cassa NY Hotel and Residences project in Midtown Manhattan. The company has said that its financial problems have originated from contractors and subcontractors.
Waterscape has defaulted on a primary payment bond under loan agreements. The firm has also said in its court papers that it has a $126-million offer from 70 West 45th Street Holding LLC for the property. For the full story, go to Wall Street Journal.
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