Tillary Hotel in Downtown Brooklyn Filed for Bankruptcy
The Tillary Hotel in Downtown Brooklyn filed for bankruptcy. (Story here and here)
It’s a gorgeous hotel. (See here) Rates are low. $86 – $114 a night
1. They were in foreclosure, so a bankruptcy proceeding stops the foreclosure from proceeding.
2. This hotel operated as a homeless shelter in May and June.
3. It has 64 apartments which they plan to convert into condominiums if the hotel is allowed to emerge from bankruptcy.
We wonder…is it cheaper to open as a hotel than it is to build condominiums?
5. The Pandemic has really hurt this business. Why have no politicians stopped this foreclosure of this business during the pandemic?
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Hugs,
marlene
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