Buhl Building for sale

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January-06-16, 09:36 PM
jmarie

Buhl Building for sale

I wonder who will buy it. A price isn't mentioned in the article. Is Gilbert done with his shopping spree?

http://www.crainsdetroit.com/article...ut-up-for-sale
January-11-16, 03:29 PM
gencinjay

Quote:

Originally Posted by jmarie

I wonder who will buy it. A price isn't mentioned in the article. Is Gilbert done with his shopping spree?

The building and garage do well enough that I don't know if it will interest him. I can't see this going for a cheap price. He seems to look for more value pricing which is getting hard to come by in the CBD.
January-11-16, 03:59 PM
Packman41

According to the Crain's article the building is only 71% occupied. The office building had net income of $1.1 million, while the parking garage had a net income of $1.6 million. Yeah, the parking garage made more money than the office building.
January-11-16, 06:58 PM
bust

It's incredible how much interesting architecture has existed in Detroit. It's our great shame how much was destroyed.

Let's pause to appreciate Wirt Roland for a few seconds, and the great bones he gave the Buhl Building.

I'm hoping the best for this place.
January-12-16, 02:13 AM
archfan

I can't imagine Gilbert not bidding on this, but whatever happens, he wins. If he gets the building, he gets another light on his Detroitopoly board. If he doesn't, then the value of all of his other buildings gets a boost.
January-12-16, 06:52 AM
mikeg19

It'd be nice to see someone else snatch it up, not including foreign Chinese investors.
January-12-16, 06:05 PM
K-slice

If only I had the capital...
January-13-16, 09:03 AM
GPCharles

Something to buy with your Powerball winnings.
January-13-16, 09:28 AM
mikeg19

Quote:

Originally Posted by GPCharles

Something to buy with your Powerball winnings.

Not a bad idea. $930 million after taxes, you could get into the skyscraper flipping business fairly easily. Buy some huge swaths of land in upcoming neighborhoods. Not a bad way to reinvest some of your new found capital.
January-13-16, 03:13 PM
michmina

Love this building....
January-13-16, 04:15 PM
hewettbr

Quote:

Originally Posted by mikeg19

Not a bad idea. $930 million after taxes, you could get into the skyscraper flipping business fairly easily. Buy some huge swaths of land in upcoming neighborhoods. Not a bad way to reinvest some of your new found capital.

youd have around 510m after taxes on the lump sum. A lot of money but you still have to be careful, especially after you hire a legal and investment team to help manage these decisions.
January-14-16, 06:42 AM
mikeg19

Quote:

Originally Posted by hewettbr

youd have around 510m after taxes on the lump sum. A lot of money but you still have to be careful, especially after you hire a legal and investment team to help manage these decisions.

That's why you don't take the lump sum. If you're relatively young like myself, I'll take the $30M a year for 30 years or whatever it was. End up with several hundred million dollars more in my pocket. Of course, you're betting that you live that long, so I wouldn't advise doing that if you're like 50 or 60. :rolleyes:
January-14-16, 01:51 PM
hewettbr

Quote:

Originally Posted by mikeg19

That's why you don't take the lump sum. If you're relatively young like myself, I'll take the $30M a year for 30 years or whatever it was. End up with several hundred million dollars more in my pocket. Of course, you're betting that you live that long, so I wouldn't advise doing that if you're like 50 or 60. :rolleyes:

im young and would take the lump sum and invest it. if you averaged 5-6% a yr over the 30 years the annuity would pay you youd net almost 4 billion opposed to 1.5. 5% is conservative so the potential is much higher

You would, of course, have to pay gains taxes on those earnings.
January-14-16, 07:01 PM
Ray1936

Never mind the lottery; that's pie-in-the-sky. Buhl building brings back happy memories of the late seventies, early eighties. There was a barber shop on one of the top floors. Barber I went to was a gal named "Pam", excellent barber and superb conversationalist. Last time I was there was in '84; she was talking of joining the U.S. Navy. Wonder if she ever did. Retired in July of '84 and ran like hell for Nevada. But I still wonder what happened to Pam. A real sweetheart....and a damn good barber. Sigh.
January-14-16, 07:47 PM
Gistok

I vaguely knew Jerry Luptak.... one of the co-owners of the building [[along with partner Harold Beznos)... I attended his nieces wedding up in the Savoyyard Club [[when it was still open) on the top floor of the building. Stunning views... sad that it's just used for storage today... such large windows with a magnificent vista of all the tall towers around it, as well as great views of Hart Plaza, the river and Canada.

Even though [[now late) Jerry and Harold were not hurting for money... they let the Buhl Building go into foreclosure circa early 1990s. Sometimes when the revenue stream isn't there.... businessmen will walk away, even when they can afford to keep it.
January-14-16, 08:17 PM
Bham1982

Quote:

Originally Posted by Gistok

Even though [[now late) Jerry and Harold were not hurting for money... they let the Buhl Building go into foreclosure circa early 1990s. Sometimes when the revenue stream isn't there.... businessmen will walk away, even when they can afford to keep it.

They're still around. Evans & Luptak are the owners/occupants of an office building across from the Franklin Cider Mill. They moved the firm to Franklin around the same time Buhl Bldg. went into foreclosure.
January-14-16, 08:42 PM
Gistok

Quote:

Originally Posted by Bham1982

They're still around. Evans & Luptak are the owners/occupants of an office building across from the Franklin Cider Mill. They moved the firm to Franklin around the same time Buhl Bldg. went into foreclosure.

That would be Jerry Luptak's only child Paola Luptak, who inherited her father's business interests.