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Real Estate



Marc Stiles
Real Estate Editor
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June 17, 2010

Real Estate Buzz: Bids being taken for distressed high-rise site

By MARC STILES
Real Estate Editor

Another example of how drastically things have changed is on Seattle's First Hill. The parcel at Jefferson Street and Terry Avenue, where bankrupt Mastro Properties once planned a 26-story apartment building, now is for sale. What's noteworthy is that it's being sold on a competitive bid basis.

Stan Snow, an agent with GVA Kidder Mathews who's marketing the site with colleague Rick Osterhout, said there's a misperception that many of Mastro's properties need to go through foreclosure before they can be sold. According to the agents, who are representing the trustee of the bankruptcy estate, lenders who work cooperatively with trustees can expedite such sales and at a lower transaction cost.


 
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