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Daisy Buchanan’s in Back Bay facing foreclosure

Hot (sort of) off the presses:

The controversial owner of Daisy Buchanan’s, the longtime Newbury Street bar, and the shuttered Ciao Bello restaurant, is facing a possible foreclosure auction on the adjoining Back Bay buildings where the two eateries are located.

Daniel P. McLaughlin & Co. has scheduled the on-site auction for Thursday, March 6 at 10 a.m. for 39-41 Fairfield St. and 240A Newbury St. The adjoining properties are assessed at $3.25 million.

A lawyer for the owner was predicting that a settlement would be reached and an auction avoided. More here.

One Response to Daisy Buchanan’s in Back Bay facing foreclosure

  • Benjamin: in defense of Vangel, I think the aruemgnt can be made that we’ve had a massive hyperinflation of assets prices since the early 1980’s Volker interest rate regime; assets and other high-end services (education, healthcare, etc.) experienced massive inflation while the stuff we need rose in a more benign fashion. Now we may be in an era when the stuff we need goes up rapidly in price while the other stuff declines relatively (note: not necessarily a fall but a less pronounced appreciation). If RE stays flat while everything else rises for a number of years then the proportion would shift back towards early 1980’s proportions (doubt they will ever go all the way back). Just a thought…