A Detroit newspaper's home for 73 years drew a high bid of $4.1 million on Wednesday, but that's not enough to seal the deal yet.
The Detroit Free Press Building had a higher reserve price, Nathan Bomey of the newspaper reports.
The real estate broker handling the property is confident a deal will still happen within days.
“It’s technically not sold yet. However, we’re in the post-close process, negotiating with a number of buyers. Odds are we’re going to get a deal done,” says Ryan Snoek of Friedman Integrated Real Estate Solutions.
Snoek said his goal is to secure final offers from the bidders on Friday, and then the owners will “have the weekend to think about it.” . . . He declined to identify the bidders, but he said there’s a mix of redevelopers and investors from Michigan and other states.
The listing for 321 West Lafayette Boulevard, aka the Free Press Building, describes a "brilliantly designed Albert Kahn 14-story historic office building [that] features over 289,000 square feet of downtown development opportunity."
The seller is Luke Investments, Inc. of Fort Lauderdale, Fla., which bought the limestone-facade high-rise in 2008 for an undisclosed amount and planned a $70-million rehab for loft apartments, offices and retail space.
As originally reported in a Deadline Detroit article Oct. 25, the auctioneer describes "an exceptional chance to join one of the most exciting opportunities in the country:"
The Free Press Building is centrally located in the most sought-after area of the downtown Detroit Central Business District, positioned only steps away from the Cobo Convention Center, Federal Courts, Capitol Park and Campus Martius. The Detroit Free Press Building is an exceptional chance to join one of the most exciting opportunities in the country: the renaissance of Detroit."
It housed the Free Press from 1925-98. It was the workplace of legends such as Neal Shine, Kurt Luedtke, John Oppedahl, Al Neuharth, Jim Fitzgerald, Bob Talbert, Gary Blonston, Tony Spina, Judd Arnett, Ellen Goodman, Mike Downey, George Cantor, Laura Berman, Joe Falls and countless others.
Freepsters moved three blocks west in 1998, relocating to another Albert Kahn gem -- The Detroit News building, built in 1917 and home of its Joint Operating Agreement partner.
Correction: Earlier versions of this report lacked the reserve price detail and said the building was sold for $4.15 million.
