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Bryant Luxury Condos

money-give-away

Did the Bryant conduct the luxury condo auction because Vornado Realty Trust (developer/owner) needed the cash? Answer no way, no how. Check this out from The New York Post:

Vornado’s ‘hoarding’ its cash

Vornado Realty Trust has a $2.8 billion cash war chest readied to pounce on real estate deals. But like everyone else, they need to find places to park the money until the bid and the ask meet in a comfortable spot.

Vornado is “hording” its money in CD’s Michael Fascitelli, president and CEO of Vornado told The Post “Getting .25%. Everything is in very safe investments.”

Hmm….I never knew that digging a hole in Downtown Crossing was a “safe investment.”

boston-real-estate-hole

File Under: Buy some shovels.

Read other posts about: Boston luxury condos

9 Responses to “Bryant Luxury Condos” »»

  1. Comment by Rich | 10/23/09 at 5:25 am

    According to the Vornado Web site, they just borrowed a ton of money at 7%. It doesn’t seem like much of a business plan to re-invest this money with a .25% return……

  2. Comment by Rich | 10/24/09 at 5:19 am

    More on Vornado from the WSJ:

    Real-estate mogul Steven Roth has bought Bernard Madoff’s beach house in Montauk, N.Y., for $9.41 million, nearly 6% more than its asking price.

    Mr. Roth, 67 years old, is chairman of Vornado Realty Trust, a real-estate investment trust that’s one of the country’s largest owners of retail and office space. He declined to comment.

    Set on 1.2 acres, the shingled, 3,000-square-foot home on New York’s Long Island was put on the market by U.S. Marshals in September as part of the effort to repay the victims of Mr. Madoff’s Ponzi scheme. The home garnered four bids, fetching more than its $8.75 million asking price. The sale closed last Friday. The property has 182 feet of ocean frontage, four bedrooms, three baths, a deck and a pool.

  3. Comment by John Ford | 10/24/09 at 5:22 am

    Rich, good stuff, thanks for sharing that with us.

  4. Comment by condobuyer | 11/03/09 at 8:42 am

    Are Bryant auction units back on the market–check it out a bunch of units that were “auctioned” are now listed for sale…#801, 305, 603, and i believe 401…John could you confirm?

  5. Comment by John Ford | 11/03/09 at 9:11 am

    Condobuyer, I see where the confusion is, Tracey put all the auctioned condos on MLS yesterday and today she put them all under agreement. She may have done this to increase her ranking on MLS, so she can claim she’s in the top (fill in the blank) real estate companies in Boston,

  6. Comment by condobuyer | 11/03/09 at 9:14 am

    mls #70996716 #70996679 #70996701 etc… —i saw it on a couple realestate sites…

  7. Comment by condobuyer | 11/03/09 at 9:19 am

    ohh…thanks john. i also notice that prices are pretty much at original list prices. so…this could have a big impact on sale price to list price ratio for the south end, no?

  8. Comment by Mary | 01/11/10 at 12:40 pm

    Unit 503 sold today for 1.4 million at $620 a sq foot. Lucky thing those savvy auction buyers didn’t wait or they would of had to pay less !…wait a minute…lol

  9. Comment by John Ford | 01/12/10 at 4:22 am

    mary, thanks for the update, keep them coming.

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