REEC NYC Sees Future In Jeopardy
With REEC CEO Brandon Miller’s health in serious question, see our piece: Brandon Miller NYC Real Estate Executive Near Death? Many wonder what the future is for this venerable Manhattan landlord and developer.
In addition, a simple Google search will yield numerous foreclosures and a complaint from East West Bank. As a result, many speculate what the true financial picture is.
One of the on-hold projects in New York City is located at 118-124 Tenth Avenue, in Chelsea, Manhattan.
This planned ten-story commercial building. Moreover, initially developed by Real Estate Equities Corporation (REEC), who purchased the properties at 118 and 124 Tenth Avenue for $21 million in 2017. Intended to provide 100,000 square feet of office space and ground-floor retail. While REEC completed the demolition of the former low-rise structures on the site, the project’s progress soon stalled.
Recently, signs at the location indicate that GDSNY has taken over as the developer!
And the building’s scope has become expanded to 155,000 square feet. The signs also mention Triton Construction as the general contractor for the project. Which is situated along Tenth Avenue between West 17th and West 18th Streets, directly across from the High Line.
We will keep our eyes on this story!
