New York developer centering reorganization plan
New York partner Lee Stremba was quoted in a May 11 Daily Deal/The Deal article about the bankrupt owner and developer of Cassa Hotel and Residences in midtown Manhattan centering its reorganization plan on selling the hotel operations of the 45-story development for $128 million in cash and then regrouping around its luxury-apartment rental business.
“Since Waterscape went through the process to find a buyer, even before the bankruptcy, we think this is the best contract we can get,” said Stremba, debtor counsel for Waterscape Resort LLC who owns Cassa. “An auction would be a delay and a waste of time and money.” Joining Stremba as debtor counsel for Waterscape Resort is New York associate Brett Goodman.