NYC High Line-Area Building Floats $53 Million Bankruptcy Sale

A commercial loft housing art galleries and photographers’ studios in West Chelsea has filed for bankruptcy to halt foreclosure by its lender, JPMorgan Chase & Co., as it seeks to close a $53 million deal to sell the property.

Mariner’s Gate LLC, the owner of a six-story building at 548 West 28th Street near Manhattan’s High Line park, sought court protection to pause a planned foreclosure sale that was scheduled for Wednesday, according to court papers. The sale was planned after the building’s owner said it was unable to restructure a senior mortgage held by the bank.

JPMorgan is ...