A blog reader brought this to my attention.
Thirty-five lofts in Boston’s South End project called The 1850 will go up for auction at the end of June, according to Velocity Marketing Services.
Bids for the units, located in a former piano factory and general warehouse, will start at $175,000 with some units being sold for as much as 55 percent below the original asking price. The auction will be held at 1 p.m. June 28th at The Westin Boston Waterfront hotel.
The 1850 is a five-story, 60-unit project, developed by an affiliate of the Boston-based Cresset Group and designed by Somerville, Mass.-based Brian Healy Architects. Executives at the Cresset Group did not immediately return a call for comment.
The project was completed in 2008. Over the past 18 months, 25 units have sold, said Sue Hawkes, president of Velocity Marketing Services. The units were originally marketed for sale for between $300,000 to $700,000.