A little interesting Ivy City news from the Washington Business Journal. The warehouse is located at 1401 and 1403 New York Ave NE, and was scheduled to go on the block today after the owner, Patriot Equities LP, defaulted on a $66 million acquisition and construction loan. It's a cool building. The art deco style warehouse, which was in operation until only a few years ago, was close to the site where Jim Abdo had hoped (until recently) to build a massive mixed use development called Arbor Place.
5 comments:
Love that building! I hope it gets preserved.
I've always liked that building, hopefully they preserve the exterior when it finally gets developed.
I am not surprised because they seriously struggled to get anybody to lease out any space in that more than 750,000 SF complex since they acquired it from Macy's (which bought out Hecht's).
No doubt that really a very nice building and may be they want to preserve that due to it's marvelous exteriors or interiors but that's great to hear that.
As I have checked the images you have shared in your post on flickr, that's amazingly very good building. So obviously they want to get that bad debt recovered from the building and no availability for the auction might protect the building well.
Post a Comment