Yesterday, I reported how the Abby Group was looking for a buyer for their Boston Landmark property. Today, the Boston Herald has an article in which it stated that only a stake in the one million-square-foot Boston’s Landmark property is actually up for sale.
Excerpts for the article:
The Abbey Group is hoping to raise hundreds of millions in a deal for a portion of the 1929 Art Deco building near Fenway Park that cost them $13.4 million in 1997 and is assessed today at more than $334 million.
German American Capital Corp., a subsidiary of Deutsche Bank, holds a $160 million mortgage on the former Sears Roebuck & Co. property. An Abbey Group spokesman said the financing matures next year.
Thomas Grillo’s article goes on to say:
But a second Abbey Group project hasn’t fared as well. One year after the ribbon was cut on its 138-unit luxury condominium project at 45 Province St. in Downtown Crossing, only 18 units have sold.