Rumor: Free Press Building Has Been Sold for huge Profit
Looks like the Hong Kong investors who snapped up the Stott and Free Press Buildings aren't that dumb after all. Having sold sold the Stott for a big profit to Gilbert, after they nearly destroyed it and drove out all the tenants, they appear in line for hitting the jackpot with the Free Press Building. If the deal as described below happens they will sell it for nearly 4 million more than was paid for the Fisher/Sachs sale.
Quote:
The Shanghai owners of the Detroit Free Press building have accepted an offer to sell the historic downtown Detroit structure, vacant since 1998, but the deal is not yet sealed.
The former newspaper building at 321 W. Lafayette is “under contract”, according to CoStar Group Inc., a commercial real estate database. “Under contract” means the owners have agreed to sell, but, the contract has not been finalized.
The potential buyer or sales price has not been revealed. A Detroit-based representative for the current building owners, DongDu International Group, or DDI, declined comment Friday.
Shanghai-based DDI put the Free Press building up for sale in September for $16 million. It bought the 302,000-square-foot structure in 2013 for $4.2 million during an online auction. It was part of a deal in which DDI bought three downtown Detroit buildings.
http://www.detroitnews.com/story/bus...ding/86610260/
