Troubled Vinegar Hill Condo 109 Gold Sells for $14.5M

There may yet be hope for the 33-unit Vinegar Hill condo building 109 Gold Street. The Real Deal reports that the Praedium Group, a real estate investment firm representing under-performing and undervalued assets, purchased the site for $14.5 million. This development saw its share of trouble from the get-go (most notably, the illegal demolition of an old church at the site in 2008). After that there was a switch in brokers that didn’t translate to closings, and the entire building was put up for sale late last year. Prices previously ranged from $319,000 up to $999,000. We’ll see how it fares on the market this time! Update: The Real Deal just posted a follow-up story saying the building will be turned into a rental and listings should pop up within a month, although asking rents aren’t being disclosed at the moment.
109 Gold Street sells to Praedium for $14.5M [The Real Deal]
109 Gold Developers Throw in the Towel [Brownstoner]
109 Gold: Ready for Move-ins, but are Buyers Biting? [Brownstoner] GMAP
109 Gold Officially on the Market [Brownstoner]
109 Gold Listings Trickle In [Brownstoner]
109 Gold Fully Glassed [Brownstoner]
109 Gold Gets Windows [Brownstoner]
Glacial Pace at 109 Gold [Brownstoner]