From The Real Deal:
National lender U.S. Bank is suing to recover a $17.2 million loan made to a Brooklyn company that planned to develop a Long Island City parcel into a Starwood Aloft hotel, court papers show.
"The relief sought is judgment against defendant Queens Plaza Development in the amount of $17,236,709.77, plus interest, costs and attorneys fees," the motion filed April 24 in Manhattan State Supreme Court says.
Queens Plaza Development filed plans in January 2008 for a 220-foot tall, 16-story hotel at 29-37 41st Avenue in Queens Plaza, city Department of Buildings records show.
Despite demolishing a three-story bank building after demolition plans were filed with DOB in March 2008, the site remains vacant.