Wednesday, March 30, 2011
L Street Lofts Foreclosure
Developer Sotiris Kolokotronis mixed-use loft project at 18th and L streets has now been scheduled for a foreclosure auction April 13 on the courthouse steps. With only 22 of the 92-unit condominium sold, L Street Lofts LLC has defaulted on a $33 million loan held by OneWest Bank. This foreclosure sale might be one of the biggest bargains in midtown with prices tumbling as much as 50% or more off current asking prices. I’m sure several investors will be waiting to get a piece of the iconic midtown building.
Update 10/22/2011: It was foreclosed on and still has not yet been sold. I understand they would like over $20,000,000 which is higher then the current value according to local developers. The foreclosed value (the loan amount) was about $28,000,000. No one purchased the building at the courthouse so the bank got it.