Bargain basement shopping at Faneuil Hall
It’s a killer three-for-one deal, brought to you by this abysmal economy.
The offers are in for a package of unique urban marketplaces, the Hub’s Faneuil Hall Marketplace, New York’s South Street Seaport and the Harborplace & Gallery in Baltimore.
One bidder offered almost $400 million, clearly the high bid of the lot, according to a Bloomberg report. That would likely place a price on Faneuil Hall Marketplace of at least $100 million, if not somewhat higher.
It makes you wonder what the other offers were. And while $400 million is likely a good price in our retro, back to the 1930s-style economy, investors were dropping that kind of change for boring, no name office towers back during the boom.
If you managed to stockpile cash during the boom, this is a good time to go bargain hunting.
Sellers, in this case General Growth Properties, aren’t in much of a position to negotiate. The mall owner has nearly $1.2 billion in “past due debt’’ and has warned it may be forced into bankruptcy, according to the Bloomberg story.