Real Estate

City backs out of sale after Transcon fails to make payment

therealdeal.comThe Department of Citywide Administrative Services canceled the planned sale of a 140,000-square-foot South Bronx warehouse after the agreed buyer failed to make a payment.

The move was a response to the failure by Transcon International – the art storage firm that won the property at auction last October agreeing to pay $11 million – to make required balance payments on the property, located at 131 Walnut Avenue.

The payments due 45 days after the auction, which took place Oct. 28, 2015, Politico reported.

Categories: Real Estate

Tagged as: ,

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s