Demand for downtown residential is continuing to fuel price inflation on downtown buildings. The elevated prices for which the Stott and Free Press sold took me by surprise.

However I find this price for the worn yet elegant Park Apartments even more startling with the ruin of the Park Plaza next door and the obvious amount of renovation required to bring it online.



In this picture I took last summer, the Park Apt is on the left. It was quietly vacated some time last year.

Details on Crain's

Sources said the seller was Detroit-based P & B Investments Inc.; the purchaser was Joe Barbat, the CEO and chairman of Southfield-based Wireless Toyz, which has more than 100 stores across the U.S.

According to the P & B Investments website, the company manages a multifamily real estate portfolio consisting of 17 properties and more than 800 units, the majority of which are in Southeast Michigan and south Florida. The company had owned the Park Apartments for less than two years.

According to a real estate source, Barbat plans renovations to the building, which was built in 1937. It will also be renamed to reflect its history as the former Hotel Briggs, according to the source. Barbat could not be reached for comment Monday morning.
Oops saw this was posted earlier - threads merged.