Wells Fargo Inspections Signal Extell’s Loan Interest for Cherry Street Tower
It appears that Extell needs more money to operate 227 Cherry Street.
Wavecrest Management, which oversees this affordable building in the shadow of One Manhattan Square, circulated a letter to tenants that Wells Fargo bank will be on-premise tomorrow for a “lender site inspection.” So, it would appear that Extell seeks another loan for this property at 227 Cherry Street.
Many embattled tenants – feeling neglected in the face of rising crime and no onsite security – refuse to comply. We’re told that the 227 Cherry Tenants Association apparently consulted an attorney who advised that residents need not comply with this request.
“We plan to advise all tenants not to allow access, especially since we were denied human security by Extell at our last meeting with them,” a tenants association spokesperson tells us.
As reported, this building has been struggling with dangerous conditions for more than a year. Residents continually conplain of shoddy security, alleged assaults, stolen packages, and homeless roaming the halls and sleeping in the lobby.
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