Casco Development filed for bankruptcy on a $539 million luxury condo in Chelsea that never got off the ground, The Real Deal reported. The firm’s Noam Teltch signed the chapter 11 filing as the company looks to sell the debt-ridden, vacant development site at 540 West 21st Street in New York City. Secured and unsecured debt at the property totals $256.7 million, based on an analysis of the bankruptcy filing. Casco is controlled by a foreign real estate investor named Uri Chaitchik, Crain’s reported in 2014 when the firm bought the site from the Atlantic Foundation. The foundation’s John Johnson, an heir to the Johnson & Johnson fortune, reportedly offered to return $2 million to the developers if their project achieved LEED certification.
