Colossal Flip at 377 Main
Are the AM&Aâ€™s buildings for sale? Yes, if you can believe a sloppily written Craigslist ad posted on Tuesday. According to the offering, the sprawling former store and warehouses are for-sale-by-owner with an asking price of $3.5 million. New Horizons Acquisitions LLC has been under pressure by the City to bring the properties up to code and submit long-term plans for the complex. Apparently those plans involve unloading the property at a profit.
New Horizons purchased the former department store at 377 Main Street and adjacent warehouses on E. Eagle Street in September 2006 for $2,050,000. The Long-Island based developer promptly announced a $60 million project to convert the properties into a mix of 180 apartments and ground floor retail. The properties remain vacant.
In January, New Horizons Acquisitions was given a March 23 deadline to produce redevelopment plans for the hulking downtown complex or face fines in Housing Court over code violations.
The for-sale-by-owner Craigslist ad describes the properties as a "great investment opportunity" and in "mint condition." "Sourrounding (sic) buildingr (sic) are: City Hall, Liberty Building, mall, HSBC Tower, a City parking lot and upcoming new buildings!!!" In an email response, Shawn Berok of Rapid Development confirmed the asking price of $3.5 million.
This wouldnâ€™t be the first time the owner had the property on the market. Last June the buildings were advertised for sale on commercial real estate website Loopnet and then suddenly pulled off the market by the owners who said the property was listed â€śin error.â€ť The developer recommitted to completing a residential conversion of the properties last October after pleading guilty to previous code violations but has not submitted a plan for City approval.
A prominent commercial realtor who wishes to remain anonymous, asked if he had seen the Craigslist ad and if the listing was legitimate, answered, â€śWeirdo-rama. I dunno.â€ť Wierdo-rama indeed!
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