Developer Triangle Equities hired a New Jersey-based construction company to build an apartment complex in St. George, Staten Island, around the middle of the last decade. Construction began a year behind the original schedule in 2016.
The construction company’s decision to file for bankruptcy reportedly stalled the project. The expected completion date was originally the end of last year. The developer has since announced intentions to search for a different contractor to complete the process.
Chapter 11 bankruptcy
Last fall, the construction company filed for bankruptcy protection from creditors under Chapter 11. Per an announcement via its website, the company stated that the bankruptcy filing was voluntary. The statement went on to say that the reorganization bankruptcy strategy would allow it to continue its operation and keep working on current projects. Nevertheless, with the goal of completing the project by 2020, the developer announced plans shortly after that to hire a new contractor.
The Department of Buildings issued a partial stop-work order on the project after the construction company filed for bankruptcy in September. A surprise safety compliance inspection on November 1st revealed inadequate housekeeping and guardrails that failed to meet requirements in the building code. The partial stop order remained in effect as of December 12th but allowed for work to correct the guardrails.
The original plan was to complete the over 150,000 square-foot complex in phases. Phase I includes residential apartments, 20% of which the developer plans to set aside for affordable housing. There will also be a public garage with parking for 300 cars, as well as retail space. Phase II involves building a hotel tower and rehabilitating a city landmark consisting of four structures listed on the National Register of Historic Places.
Work on Phase I was 80% complete as of June of last year. It is not clear how much progress has occurred since then.