Bidding commenced yesterday on the Free Press Building, the vacant Albert Kahn masterpiece begging for renovation. As we type (Tuesday at 9AM), the leading bid is at $500K, which Auction.com claims has already surpassed the reserve. In just a few hours, buyers will get their shot at another downtown landmark: The David Stott Building, an even bigger prize with a $3.5M starting bid to match. The bidding on each building is open for two days—check back around noon tomorrow for a recap of the Free Press action.
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? Free Press Building: Vacant since 1998, the Albert Kahn-designed gem would make an amazing apartment building, but there's massive amount of work to be done. The ownership tried to sell the property last November in the exact same manner happening today: online auction. When the dust settled, the highest bid of $4.15M was said to be too low, as it was below an undisclosed reserve price. The building comes with tax credits galore already secured by the previous ownership, so a buyer would have a jump start on renovations. TAKE THE TOUR >>
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? David Stott Building: This 41-story skyscraper has been on the market for a long time and is said to have attracted a lot of interest. The Stott was asking $10.4M last time we checked in, though broker Ryan Snoek is suggesting a starting bid of $3.5M for the upcoming auction. Sounds like a potential deal to us. Aside from the SkyBar on the first and 33rd floors, the Stott mostly empty. Its narrow footprint is perfectly suited for a residential conversion, and the views are among the best in the city. TAKE THE TOUR >>
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