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Eastern Market real estate: Major buildings sell to new owners

This building sold to ASH NYC earlier this year.
Photo by Michelle & Chris Gerard

Some prominent buildings in Detroit’s Eastern Market have changed hands recently according to various reports, although it’s too early to say what this will mean for the buildings and the businesses there.

First up, Crain’s reports that ASH NYC—the group that just redeveloped the Wurlitzer Building into the Siren Hotel—bought multiple buildings along Adelaide Street. These buildings include the large Eastern Market Cold Storage and Metro Cold Storage Inc. The space totals 110,000 square feet, and sold for $3.5 million.

No plans are set yet, but mixed-use could include retail, residential, and food. The buildings are currently vacant.

Bert’s Markt Place
Photo by Michelle & Chris Gerard

Across Russell, the Detroit News reports that two buildings recently sold to a father and son team, Linden and Sanford Nelson. One of the buildings that houses Supino’s, Mootown, Zeff’s Coney Island, and more, sold for $20 million while another down the street that houses Bert’s sold for $1.6 million. The News talked to some of the businesses there, who didn’t seem concerned unless the rent changes.

This past winter, another prominent building sold on the corner of Gratiot and Russell. The Viola Building sold for just under $2 million. A renovation of that building should be underway.