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Embattled owners of the Frank Lloyd Wright-designed Price Tower building in Bartlesville, Oklahoma have announced an October auction in response to growing debt obligations, which have reportedly quadrupled to $2 million since a local couple purchased the landmark for just $10 early last... View full entry
Multiple new bids to takeover the unfinished Oceanwide Plaza complex in downtown LA were reported last week in what could be a positive sign for its future. As per connectcre.com's reporting, an auction has been scheduled for “mid-September.” The update comes after months of speculation... View full entry
The Chinese owners of the stalled residential, hotel and retail complex towering over Crypto.com Arena have hired real estate brokers to sell the property to buyers who could restart the project after work stopped in 2019. Taggers recently covered its outer walls with graffiti visible from far away. — LA Times
The LA Times also reports the brokerage firm Colliers to have submitted an application estimating the property’s current value at $485 million and stating it is still just 60% completed. Another $865 million would be required to finish the block-scale development designed by CallisonRTKL. Some... View full entry
Five years after driving WeWork into the ground, co-founder and ousted CEO Adam Neumann has now hatched a plan to buy it out of bankruptcy. In a letter to WeWork’s advisers obtained by The New York Times, Neumann and his new real estate business, Flow Global, express interest in buying the co-working space solution — but claim WeWork has been ignoring attempts to get more information so they can come up with a bid. — The Verge
WeWork, meanwhile, is beginning to walk away from even more properties under the direction of new CEO David Tolley after announcing an initial list of 40 that would be relinquished in November. Neumann had cited outside scrutiny as his main reason for leaving the company in September... View full entry
After officially filing for Chapter 11 bankruptcy protection last week, WeWork has released a subsequent list of 40 “underperforming locations” across New York City that the company hopes to walk away from over the coming months pending court approvals. The news was first made public via the... View full entry
WeWork's tumultuous thirteen-year saga may be coming to an end soon, as now Reuters and the Wall Street Journal have reported on the company’s apparently imminent plans to file for Chapter 11 bankruptcy in New Jersey. The news was first reported by the WSJ early Tuesday, precipitating a dramatic... View full entry
U.S.-based firm EYP Architecture + Engineering has filed for bankruptcy due to pressure from debt obligations. The firm, based in Albany, New York, has 11 offices across the United States and employs 470 staff. The firm has filed for Chapter 11 protection in the U.S. Bankruptcy Court for the... View full entry
The mega-mansion known as “The One” sold Thursday for $126 million at a bankruptcy auction. That’s a huge discount from its $295-million listing price, even with a 12% auction fee bringing the total to about $141 million.
Concierge Auctions, which handled the sale, said its auction site drew views from 170 countries, including Australia, the United Kingdom, Germany, France and Italy — and generated some 2,800 prospects.
— Los Angeles Times
Developer Nile Niami had said during its construction that he hoped to someday see the 105,000-square-foot megamansion sell at a price point around $500 million. The One eventually went into default and was last seen in October when it was placed under receivership by the county. Previously on... View full entry
Chicago Business is reporting that an LLC related to the firm founded by recently deceased architect Helmut Jahn is filing for Chapter 7 bankruptcy in an unfurling landlord-tenant dispute that began taking shape during the pandemic. Jahn LLC reported gross revenues under $13,000 last year and has... View full entry
Facing lawsuits from a collapsed bridge it helped build, Munilla Construction Management is asking a bankruptcy judge to protect it from creditors while borrowing millions of dollars to make payroll, continue building and not shut its doors after decades as one of South Florida’s largest government contractors. — Miami Herald
The bankruptcy proceedings come on the eve of the first anniversary of the tragic Florida International University pedestrian bridge collapse on March 15, 2018. Six people were killed in the accident. View full entry
Richard Neutra’s glass and steel Chuey House in the Hollywood Hills is being marketed as a ‘tear down’ for $10.5m.
The architect designed the midcentury modern home for poet Josephine Ain Chuey in 1956, and it has since passed down to her niece and nephew, who filed for bankruptcy in June. It’s now being sold as a ‘truly unique development opportunity’, with no mention of its architectural merit – just its ‘spectacular’ Sunset Plaza Drive location and ‘unmatched panoramic views..."
— The Spaces
Iconic, elegant, and now endangered: one of the works of the masters of mid-century modern architecture has been listed more for its lot than for the exquisitely cantilevered structure itself. After its completion, Josephine Ain, who was living with her husband Richard Chuey, wrote to Neutra... View full entry
Part of the 23 Days at Sea residency, British video and performance artist Rebecca Moss left Vancouver on August 23 in a Hanjin freighter, expecting to dock in Shanghai on September 15. Run by Vancouver's Access Gallery, the residency focuses on issues of globalization, but what ended up happening... View full entry
The founders and board members of Architecture for Humanity (AFH), the influential and accoladed non-profit organization, is being sued for $3M for alleged mismanagement of funds, according to an exclusive report published by Architectural Record. The report helps shed light on the circumstances... View full entry
An architect who is owed $13,000 by Teresa and Joe Giudice has spoken of his anger at the lavish display of wealth that welcomed the criminal Real Housewife of New Jersey home on the day she got out of prison [...]
'I did plans for modifications to that house and to an addition. I didn't do the final drawings that make it look like a miniature castle. I wouldn't want to put my name to that [...]
'I think our billing was about $13,000 and we've never received a penny of it.'
— Dailymail.com
Manhattan’s WASA Studio, one of the country’s oldest architecture and engineering firms ... filed for bankruptcy on Monday while fighting several legal battles with ex-clients. [...]
The firm, known for decades as Wank Adams Slavin Associates, is fighting several lawsuits against ex-clients who are pushing for damages of more than $11 million [...]
The expensive legal battles came after work slowed.
— wsj.com
Related news:Get a peek inside Pratt's new Film/Video Department building by WASA/Studio AMajor NY architecture firm, Swanke Hayden Connell, files for bankruptcyArchitect firm eyes insolvency over unpaid Abu Dhabi bills View full entry
