A developer that sought to build a Starwood Aloft Hotel in Long Island City filed for Chapter 11 bankruptcy protection just over a month after its lender U.S. Bank won a $19.6 million judgment against it in state court.
The single-purpose entity Queens Plaza Development, based in Brooklyn, planned to build a 16-story hotel at 29-37 41st Avenue just north of Queens Plaza. However the weak economy made it impossible to get construction financing and the project stalled, papers filed last Wednesday in federal bankruptcy court in Brooklyn say.
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