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West Water Street Condo Developers File for Bankruptcy

Eight-figure debt looms over Sag Harbor condominium project, The Sag Harbor Express reports.

East End Development, LLC, the developers behind the 21 West Water Street condominium project in Sag Harbor Village, have filed for bankruptcy, dealing another blow to a half-finished project that hasn't made any progress in three years, The Sag Harbor Express reports.

The company filed for Chapter 11 on Oct. 12, according to The Express, which reports that more than $35.3 million in debt is sunk into the 19-unit condo project, while the property and building, in its unfinished state, are valued at just $27.3 million

A number of local companies have outstanding liens associated with the condo development, including Bridgehampton Steel & Welding, Pristine Pool Construction Corp., Southampton Brick & Tile, Squire, Pierson & Sons, and Water Mill Building Supply, The Express reports.

Get the whole story at sagharboronline.com.

Jerry Can October 19, 2012 at 07:42 PM
Maybe the county or town can take over the place and put in some low income or section 8 housing. Sag Harbor is a pretty liberal place, I'm sure the residents would be hip with that idea.

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