Monday, February 01, 2010

Senate Square to be Auctioned

The 432-unit Senate Square apartment building on the 200 block of I Street, NE is headed to auction on February 23rd. Senate Square was developed by New York-based Broadway Development Company and designed by architect Philip Esocoff. The property went into receivership in October 2009.

The two 12-story towers began sales as condos in September of 2005, but in 2007 converted to apartments when only 150 units went under contract. Since that time, the developer had fallen behind on mortgage payments to lender Goldman Sachs, and last October, California- based Douglas P. Wilson Companies was appointed as Receiver for Senate Square, requiring them to act as the developer on behalf of the court. On December 11, 2009, Goldman Sachs sold the note to Westbrook of New York. According to a representative of the Receiver, the project is currently 85% leased, more than 2 years after offering the building for lease, and that the new ownership is not likely to affect management or operation of Senate Square as an apartment building.

Senate Square was cleaved off from Abdo Development's Landmark Lofts condo project, which purchased site of the former Children's Museum for development; the two share a central amenities building. The auction will be held at 10am, February 23rd, at the auction house of Alex Cooper.

Washington, DC real estate development news


Anonymous said...

Huh, it looks like more than 15 percent dark from the outside though. I'll be glad when that building is fully leased-it's been a bit of a negative on the otherwise positive H-street story.

Anonymous said...

this isn't the only apt to go under receivership and be sold. city vista's rental building on L street also was recently sold...although occupancy there is in teh high 90's of not 100%.

Anonymous said...

CityVista's V Apartments were not sold out of receivership. It has successfully leased up and is being sold by the developer to an Institutional Investor. It is one of the few bright spots in an otherwise grim landscape for new condo/apt projects that delivered in the 2008-2009 timeframe.

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