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

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