Crane Building On 51st Faces Foreclosure

According to a report in today's New York Times, the owner of the condo development on 51st Street where a crane killed 7 people earlier this year, is in default on his loan obligations and faces default on the property. Mr. Kennelly, the owner and former firefighter turned developer, is in the hole to the tune of $70 Mil. to Arbor Realty funding which has begun foreclosure proceedings. The height of 43 stories has been a contentious issue both before and after the tragic accident with local residents and eventually the city contending that it should have been built no higher than 33 stories. There has been a stop work order on the property for the past couple of months. With construction frozen at 18 stories, the building is proving to be an eery reminder of it's unfortunate past.
Where Crane Fell, Foreclosure Looms (NY Times)