Possible Foreclosure of Midtown Crane Collapse Consruction Site

The site of the 43-story tower at the corner of East 51st Street and Second Avenue may remain a partially built tragic reminder of the fatal March 15 crane collapse for a long while, because the developer's lender has started foreclosure action against him. Apparently developer, FDNY veteran James Kennelly, hasn't paid $70.4 million in loans; though he couldn't attempt to get new financing, bankers tells the NY Times it's harder for developers to get loans these days. After the crane collapse, it was revealed the building's plans should never have been approved by the Buildings Department in the first place, and though the DOB and Kennelly were working out a compromise, the DOB revoked the site's building permit in June.