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)
Tags: Berry-Hill Galleries, News, Rachel Corbett, Real Estate
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I almost never leave a response, but after reading through a ton of
And, if you are
responses here Embattled Berry-Hill Galleries Lists Upper East Side Building For $25 Million | In
the Air: Art News & Gossip | ARTINFO.com.
I actually do have 2 questions for you if you do not mind.
Could it be only me or do a few of the remarks look as if
they are written by brain dead visitors?
writing on other online social sites, I’d like to keep up with anything fresh you have to post. Could you make a list of every one of your shared sites like your Facebook page, twitter feed, or linkedin profile?