Uptown Condo Developer Declares Bankruptcy, Report Says

WASHINGTON HEIGHTS-INWOOD, NY — A developer who planned a large condominium development in Washington Heights has filed for bankruptcy and is looking to offload his properties, according to reports.

Rutherford Thompson filed for Chapter 11 bankruptcy this week in an effort to earn more time to sell the site at 33-35 Overlook Terrace near West 184th Street, Crain's New York Business first reported. Thompson acquired the two-lot property in 2006, according to public real estate records.

"For the last several months, I have worked diligently to sell the property," Thompson said in bankruptcy filings acquired by Crain's. "The goal of the Chapter 11 filing is to preserve the status quo while the debtor takes one final opportunity to procure a buyer for the property so as not to forfeit a project that still retains a potentially bright future after 10 years of turmoil."

The developer had big plans for an 23-story, 114-apartment residential complex at the site, but the project proved too expensive for the developer, Crain's reported. The site, which sits on a hill, proved challenging to build on and the 2008 economic crash also proved difficult to overcome, according to the report.

Read the full Crain's report here.

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