October 15, 2010
Cassidy’s 1844 Market Street Holding Company Files For Chapter 11
As we first reported a week ago, builder Joe Cassidy’s 113-unit mixed-use project at 1844 Market Street was headed for a foreclosure sale on the courthouse steps next week with an estimated $12,329,428.48 owed.
And while a plugged-in reader noted that a lawsuit over a reneged loan agreement was to blame and forecast the property would not be lost to the bank, it’s a plugged-in tipster that reports that Cassidy has just filed a Chapter 11 bankruptcy petition for the entity which owns the 1844 Market Street property ("Upper Market Place, LLC").
The filing claims eight creditors, the largest of which is East West Bank with $12,330,254 owed. Cassidy's own Granite Construction & Demolition company is also listed as a creditor with $112,500 owed.
∙ Cassidy's 1844 Market Street Project Facing Foreclosure [SocketSite]
∙ 1844 Market Watch: Movement On 113 "Fabulous" Units And Retail [SocketSite]
∙ The Inside Scoop With Respect To 1844 Market’s Foreclosure Filing [SocketSite]
∙ It’s Back To
Building Digging At 1844 Market (Not So Much At 2200) [SocketSite]
First Published: October 15, 2010 12:45 PM
Comments from "Plugged In" Readers
a plugged-in reader noted that a lawsuit over a reneged loan agreement was to blame and forecast the property would not be lost to the bank
I couldn't find any record of said suit, but then again, I'm not a paralegal. Anybody?
Posted by: EBGuy at October 15, 2010 2:23 PM
i wish they would fill this hole in the ground...and remove the crane... how ugly. At one point there was like a green cess pool in the hole.
Posted by: beasel at October 15, 2010 2:55 PM
I actually like the hole better than the abandoned building with "temporary" construction fence that was there before. The crane adds a nice dramatic touch. The whole composition is an artful and poignant take on the financial crisis. I think SFMOMA should acquire and preserve it.
Posted by: Kurt Brown at October 16, 2010 10:03 PM
I'm wondering how long that crane is going to stand there idle, and is anyone besides me worried about it falling down, perhaps in an earthquake, on the Gay Les Bi Tran community center? Or the pot club on the corner? It looks to me like the permit for the crane expired in July of last year.
Posted by: Jim at March 15, 2011 12:04 PM
I was thinking the same thing when I drove by yesterday. How much rain has been soaking the soil that thing sits on this winter?
Posted by: sparky-b at March 15, 2011 3:35 PM