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Hotel Company Says it's in "Active Settlement Discussions" with NYPL over Donnell Site
April 27, 2009
The New York Public Library (NYPL) has been pretty vague about the contours of the failed deal with Orient-Express, which bought the Donnell Library site in Midtown in order to build a hotel (with a smaller library branch). But an Orient-Express news release accompanying the company's financial results indicates that a settlement is under discussion--and that agreements had been amended last December, just 13 months after the deal was made.
The statement: "In November 2007, the Company entered into agreements with the New York Public Library to acquire its Donnell Library branch site adjacent to the `21' Club, to construct Orient-Express' first mixed use hotel and residential development in New York City. In February 2009, in light of current and anticipated future economic conditions, the Company decided to suspend further payments under the agreements, as they had been amended in December 2008. The Company has been in active settlement discussions with the Library since February with respect to an agreement to secure these payments and spread them over the next 24-30 months. No assurance can be given that the Company will reach an acceptable settlement with the Library."
Posted by Norman Oder on April 27, 2009 | Comments (1)
