Why hasn't ground been broken on 229 Duffield?

Why didn't V3 break ground on the hotel at 229-231 Duffield Street? This is what the NY Post reported on July 9 about the site:

Ground will be broken next week [which would have been about two weeks ago] on a 19-story, 130-room boutique hotel on Duffield Street between Willoughby and Fulton streets, Long Island City-based V3 Hotels said yesterday.

Well, maybe their permits weren't in order. A Permit application processed for alteration to property was submitted on July 24, 2009.