Stall Me Ismael: The developer of a planned 35-story…

[CURBD] 2008_9_leyvahotel.jpg

The developer of a planned 35-story hotel/condo at Fifth Avenue and 31st Street designed by Ismael Leyva is having all sorts of trouble financing the project. New Jersey-based Sunshine Developers is now seeking partners to help the project get off the ground, and would consider changing the project to hotel-only, extended stay hotel, or the always-popular student housing. Says a broker on the deal: "The push behind the joint venture is a name on the project with a long track record that helps secure construction financing with the best possible terms. In today's market it is next to impossible to get construction financing without a solid sponsor." [Real Deal]

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