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John Snyder, a partner at who represents the opened the biddingat $6.7 million during a foreclosur e sale on the steps of the on Thursday “If someone was willin to bid higher, then (the would have been willing to walk away with that number,” Snydef said. “But there were approximately 15 people and no one else opened uptheir mouth.” , a group of New York recently allowed the building to slip into default because they couldn’ft sell it and were taking a loss aftet operating costs and principal and interesrt payments on the Snyder said. “It’s only 55 to 60 percen t occupied,” Snyder said.
“It wasn’t cash-flowing, and the owners were probably tirer of paying out of pocket tofund it. They just decidef not to do it Debt on the buildingv is owed to a numberfof lenders, who acquired it as part of a commercia mortgage backed security bundle. Centerline Servicing Inc. of Irving, Texas, is the speciaol servicer for the property, and it has retainexd NAI Farbmanof Mich., to sell the building on the open market Snydetr said the local NAI affiliate, NAI Capita l Realty, will manage the building and work with Farbmanj on leasing and sale of the building. Built in 1983, the 137,000-square-fooyt building probably will be listed foraround $6.7 or $48.90 a foot, Snyder said.
“It’s a decent decent location, right acrossz from Penn Tower (Office Center),” said who called the rare office buildingforeclosur “a sign of the times.” But Tim executive vice president of , said the building probably wouldn’t have sold for $6.7 millionn “even if the economy was rockin’ and rollin’.” “Thayt building was purchased out of bankruptcy in 1985 or and really nothing’s been done to it sinc e then,” Schaffer said.
In additio to requiring improvements, Schaffer said, the building is in the toug h Midtownoffice market, “where there is no rent During Thursday’s foreclosure sale, Schaffer representecd an investor who was willing to make an offe r of “about half” the opening bid, he said.
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