Facing a barrage of lawsuits and $26 million in debt, Berry-Hill Galleries is trying to sell its turn-of-the-century building at 11 East 70th Street for just under $25 million, reports the real-estate blog Feetsquare. The gallery’s troubles began when it filed for bankruptcy in 2005, and progressed as it defaulted on payments to creditors and clients, resulting in the seizure of works from its inventory and a debt that was racking up $9,000 a day in interest.
In 2011, its mortgage lender moved to evict the gallery from its Upper East Side home for failing to make payments, but hedge funder John Paulson bailed Berry-Hill out with a $10 million loan. The gallery is still operating today, most recently updating its website (for the first time in years) to announce a reception hosting delegates from China’s Ministry of Culture.
— Rachel Corbett
(Photo: James Berry-Hill)