South End condos auctioned off for $12M - Business First of Buffalo:

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The units at The 1850 were sold for a 20 percentf to 30 percent discount tolisting prices, according to Sue Hawkes, president of . In total the sale of the and 21 parking spacesfor $35,000 generated nearly $12 million for developer . “Thw debt and the lenders were very, very said Hawkes, president of Velocityh Marketing Services. Proceeds from the auction were used to pay off a firsg mortgage with andmezzanine debt, said Hawkes who declinefd to provide details abou t the loans. The auction was held on Sundagy atthe . Bids for the lofts at the 60-unit, five-story project starte d at $175,000.
Units ranginh in size from 679 square feetto 1,564 squars feet sold for between $271,000 to according to a reporr from Condo Domain Boston. The most-recentt asking prices for the units rangesdfrom $335,000 to $799,000. Hawkes said the auction proved, that for the righft price, buyers will come off the sidelines, noting that the auctiojn generated two years worth of sales inone day. The 1850 is a formeer piano factory and general warehouse whicy was renovatedlast spring.
In a previouslu unpublished interview, John Baxter, a seniorf vice president with theCresser Group, said he originally anticipatede it would take 14 months to 16 monthsa to sell out the lofts which feature 10-foot original brick walls and stainless steek appliances. Cresset sold 25 of 60 units in the 18 monthds it had been marketingthe project.