Earlier this year I had talked about Manhattan West and its uncertain future. The project developer, Gemstone was looking for additional financing to finish the project. According to an article in the Las Vegas Review Journal, Gemstone CEO Alex Edelstein is in hiding and refused to meet with two “savior” groups. Mr. Edelstein responded stating he’d be happy to meet with ‘bona fide’ investors, but has yet to meet any.
Obviously there is a lot going on behind the scenes. Will Manhattan West become the latest casualty of the credit crisis? The odds are not in Gemstone’s favor. Even though the project offers some of the most unique features and floor plans in Las Vegas, that wasn’t enough.
Currently the project is about 80% completed and the signature Element House had been topped off in August of last year. What ultimately will become of the project is still up in the air.
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