AmBase, former investor in 111 West 57th Street, could face ruin Annual report notes “substantial doubt about the Company’s ability to continue”
111 West 57th Street (credit: Hayes Davidson)
Less than a year after AmBase Corporation lost its stake in the supertall condominium project 111 West 57th Street, the Connecticut-based holding company may be going under.
In its latest annual report filed Friday, the company said revenues and cash reserves “may not be sufficient to cover operating cash needs through the 12-month period from the financial statement reporting date.”
The report goes on to note that “management determined there is substantial doubt about the company s ability to continue as a going concern within one year after th爱上海同城对对碰