Two NYC Hotel Projects File for Chapter 11

Two hotel projects in Brooklyn, N.Y. filed for Chapter 11 bankruptcy on December 21, 2020. The Chapter 11 filings were for a planned 26-story residential tower at 159 Broadway, and for the WB Bridge Hotel located across the iconic Peter Luger steak house. The two establishments were projected to open in the second half of 2021. 

WB Bridge Hotel and 159 Broadway are both tied to Isaac Hager’s Cornell Realty Management. The two projects have listed assets and liabilities ranging from $10 to $50 million in a petition filed in Manhattan. Construction had already begun on the 159 Broadway location. The facility was supposed to include a restaurant, a sky bar, and a pool. Moreover, the company listed the owners of The Tillary Hotel as an affiliate.

The Tillary Hotel, also located in Brook...

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