The daily Boston real estate roundup for Wednesday, March 24, 2010
REIT Vornado Trust Chairman Steve Roth made a visit to Boston City Hall to express his regrets over some comments he made in a speech two weeks ago, which implied that his company was waiting for a public subsidy before going forward with any plans for its $650 million project on the site of Filene’s, in the Downtown Crossing neighborhood of Boston.
According to the Boston Herald:
“Mr. Roth said he felt bad that the Filene’s project was stalled and that his comments were not productive,” said Mitchell Weiss, Menino’s chief of staff. “He didn’t give us any indication of his next move, but said he doesn’t want to leave a hole in the ground. He was going to try to figure out what they could do and get back to us as soon as possible. He understands the frustration in Boston.”
Still, no word on any plans to ever begin construction.
Meanwhile, Berkeley Investments pushed back on a rumor that many of its properties in the Fort Point Channel neighborhood were in danger of foreclosure. The Boston Herald reported yesterday that its lender, Wells Fargo, has placed a legal notice stating that the properties will be sold at auction on May 5, 2010.
In an article in Banker & Tradesman, a company principal says this is not the case.
“We are in negotiations with them,” [Young] Park said. “The story is, it’s a maturity default, we’re cooperating with the lender to find a solution, and a solution will be found one way or another. These properties are cash-flowing. We’ve never missed a payment. There’s no distress of any kind.”
Regardless of the turnout, the company’s FP3 condo project at 346 Congress Street is not a part of the proceedings.
Finally, times are tough in tony New York City. Actually, they’re not.
The Real Deal is reporting that a foreclosed condo property has been sold … for $33 million. The condo, at 1 Central Park West, has an interesting background. Purchased in 1997 by Donald Trump for $5 million, it was then flipped for $10.4 million to an investor who attempted to pour as much as $30 million into a renovation before losing it to his lenders. It was then put up for auction and sold for $18 million but that buyer walked away (from a $1.8 million deposit!).
Real estate is only worth what someone’s willing to pay, is the saying.
Photo of FP3 courtesy of Berkeley Investments by way of Banker & Tradesman
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