An article by Adam Pincus in yesterday's edition of therealdeal.com said that H. Thomas O'Hara, the architect, had filed for bankruptcy earlier this month but remains in operation according to court documents.
Mr. O'Hara designed the recently completed mid-block apartment tower Twenty9th Park at 39 East 29th Street, the apartment building on the southeast corner of Park Avenue at 87th Street at 1055 Park Avenue that is nearing completion, and the Mondrian Hotel at 150 Lafayette Street. He also designed the restoration of One Hanson Place, the former Williamsburgh Bank in Brooklyn.
He filed for Chapter 11 protection Dec. 11 in federal bankruptcy court in Manhattan showing assets of $1.2 million and debts of $4.3 million, according to the article, adding that "The largest amount the firm owes was $1.5 million to Citibank Commercial Loan Servicing, while the second largest amount was owed to the Internal Revenue Service for unpaid payroll taxes, totaling $643,166."
Mr. O'Hara told therealdeal.com "that he filed the suit because of the difficult financial pressures brought on by the declining economy."
"Between the downturn in the economy, not getting paid [by clients and getting hit by these unexpected tax issues, [it all combined to form a perfect storm from which I intend to land on dry shore," he told therealdeal.com, adding "We feel strongly we will emerge from this Chapter 11 and be back."
Court papers indicated that his company's revenues fell from $5.8 million last year to about $2.5 million through the middle of this month while his staff declined in that period from 45 to 14.
The court papers indicated that the 12-year-old firm "has entered into a number of agreements to provide services for projects in 2010," according to the article.
Mr. O'Hara designed the recently completed mid-block apartment tower Twenty9th Park at 39 East 29th Street, the apartment building on the southeast corner of Park Avenue at 87th Street at 1055 Park Avenue that is nearing completion, and the Mondrian Hotel at 150 Lafayette Street. He also designed the restoration of One Hanson Place, the former Williamsburgh Bank in Brooklyn.
He filed for Chapter 11 protection Dec. 11 in federal bankruptcy court in Manhattan showing assets of $1.2 million and debts of $4.3 million, according to the article, adding that "The largest amount the firm owes was $1.5 million to Citibank Commercial Loan Servicing, while the second largest amount was owed to the Internal Revenue Service for unpaid payroll taxes, totaling $643,166."
Mr. O'Hara told therealdeal.com "that he filed the suit because of the difficult financial pressures brought on by the declining economy."
"Between the downturn in the economy, not getting paid [by clients and getting hit by these unexpected tax issues, [it all combined to form a perfect storm from which I intend to land on dry shore," he told therealdeal.com, adding "We feel strongly we will emerge from this Chapter 11 and be back."
Court papers indicated that his company's revenues fell from $5.8 million last year to about $2.5 million through the middle of this month while his staff declined in that period from 45 to 14.
The court papers indicated that the 12-year-old firm "has entered into a number of agreements to provide services for projects in 2010," according to the article.
Architecture Critic
Carter Horsley
Since 1997, Carter B. Horsley has been the editorial director of CityRealty. He began his journalistic career at The New York Times in 1961 where he spent 26 years as a reporter specializing in real estate & architectural news. In 1987, he became the architecture critic and real estate editor of The New York Post.
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