Want to own two floors of a prominent downtown office condo building? Here’s a chance.
An investor group led by Tzetzo & Tzetzo Companies is offering the second and third floors of the Cathedral Park Tower for public auction to the highest bidder, with no minimum price.
The two floors, each 6,300 square feet, are vacant, and have been marketed for sale for a while, but with no success. So this time Tzetzo is working with Cash Realty & Auctions LLC to unload them, and will even help potential buyers to make the deal work.
“They’re also prepared to offer financing if someone needs financing, recognizing that it’s a much quicker process to allow for someone to get in,” said auctioneer Cash Cunningham.
Originally constructed in 1915 as a warehouse but left to deteriorate, the 11-story tower at 37 Franklin St. was acquired and redeveloped by D. J. Tzetzo and his partners in 1985, who stripped the warehouse and converted it to condos, with each floor as a unique tax parcel. Tzetzo, which maintains its offices in the building and also operates a real estate law firm, still owns several floors that it leases out, including the two that are for sale.
The building also includes on-site valet parking and a fitness center in the basement.
“It’s pretty decent space,” Cunningham said. “There’s really little or nothing that needs to be done to move an office tenant in there. It’s a great opportunity for a law firm or any small firm to go in.”
Alternatively, he said, “there’s nothing to prohibit them from being used residentially,” so a buyer could also put a couple of residential condos on a floor.
The public sale will be held Feb. 17, at 11 a.m., at the building itself.
Cunningham will first seek the highest bidder, regardless of how much – or how little – is put up, and then offer them the choice of either of the two floors, or both for twice the bid. If the highest bidder takes only one floor, the second one will then be auctioned separately, but the owners can reject the second bid if they deem it insufficient.