Owners To Sell Off Queens Building To Lenders In Ch. 11

Law360, New York (October 11, 2013, 3:36 PM EDT) -- The owners of a Queens building that has seen its tenant base devastated by the financial crisis said on Thursday that it intends to sell the property to one of its lenders through a prepackaged bankruptcy filing.

The building, known as the Factory Building and located at 47-44 31st Street in the Long Island City section of the New York City borough, is barely making enough money to make regular payments on its mortgage and outstanding mezzanine loan or to cover operating expenses after many of...
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