After a court battle prompted by lawsuits from a general contractor and lender, American Real Estate Partners beat out Hourigan and received approval last week for its $16.5 million to purchase the stalled manufacturing facility.
Hourigan's pre-auction offer adds to the lone bid that was received from a Fairfax-based REIT that once owned the Riverside on the James office and condo tower in downtown Richmond.
Lawsuits filed by the $65 million project's general contractor and led to the court ordering an auction. But the company that was supposed to occupy the building is pushing back.
“We found one of the old menus from the original Wigwam with a western T-bone steak for $3 and shrimp cocktail for 90 cents,” said Mark Motley. “There’s a lot of nostalgia in there.”
Mon January 14, 2019 - Southeast Edition #2
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Absolute Auctions & Realty Inc.
Absolute Auctions & Realty Inc. is a full-service online auction company that was founded in 1946. We began serving the auction and appraisal needs of the Hudson Valley, N.Y., and have expanded to serving the auction needs of clients all over the globe. Our clients include municipalities and private sellers selling one item or an entire fleet or estate.
We pride ourselves on our reputation and have dedicated ourselves to the auction method of marketing and promotion. Our professional team is always pursuing new technology and methods to better serve our clients and buyers. Our auctioneers are active members of both the National Auctioneers Association and the NYS Auctioneers Associations, serving as Past Presidents of both and currently on the Foundation board and teaching classes for the NAA.