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Financial Woes For Dream New York?

Where: 210 West 55th Street [map], New York, NY, United States, 100019

Uh-oh. Something's goin' down at Dream NYC, and it ain't nearly as good as those $113 room rates we were seeing for the summer: The Real Deal reports that a $100 million loan secured by the hotel "was put on a special servicer status," which, TRD says, indicates "the possibility it may become delinquent." In April, the loan payment was late — but the note wasn't in default.

But what do the possible financial issues have to do with you? Nothing — yet:

Though the special servicer status is worrisome, very few loans have gone from special servicer status to default in New York City. There were just nine delinquent securitized loans in New York City totaling $272 million from a total of 1,886 loans valued at $58.6 billion as of the end of April

Hampshire Hotels owns the building but not the underlying property, though it does control that property through a long-term lease.

Could there be trouble a-brewin' with the Dream, with Hampshire and with Vikram Chatwal? And could this mean Dream Downtown (slated to open in 2010, as far as we know) is having financial probs too?

As usual, money gets in the way of Dreams. Ha.