Auction Looms For Landmark Buildings In Detroit's New Center
DETROIT (WWJ/AP) - About 200 potential bidders have perused two historic Detroit buildings set for auction after the previous owner defaulted on the mortgage.
Local, national and international investors are among those who have checked out the Fisher and Albert Kahn buildings, according to the Detroit News. A three-day online auction starts Monday.
The starting bid for the Art Deco gems, which were built in the late 1920s and early 30s, is $3.5 million. The package deal includes parking garages and surface lots.
The current owners, a real estate brokerage and investment firm, bought the buildings for $31 million about 15 years ago — but both are now in foreclosure.
The 30-story Fisher Building was built in 1928 and is the seventh tallest building in Detroit. It was designated a National Historic Landmark in June 1989. The 8-story Kahn is named after the architect and firm he established, Albert Kahn Associates, which remains a key tenant.
Rich Deptula is an executive at Friedman Investment Group, which has been managing the tours. He says the winning bidder gets "a treasure."
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