Date: 4/20/2010
This project involved marketing a vacant, gutted 8 story building with no parking area, located just on the outskirts of the New Orleans French Quarter. To make the marketing even more difficult, the buyer could not inspect above the first two floors since the stairs were demolished and there was no electricity and the elevator was removed. Latter and Blum marketed the property for one year unsuccessfully.
We listed the property for $7,850,000 on July 10, 2009 and closed April 20, 2010, after marketing the property nationally and locally. We implemented a comprehensive nationwide campaign that resulted in several offers within 6 months, including one full price offer. After several months, the buyer was unable to obtain financing so we re-marketed the property and again received several offers, one with a $25,000 non-refundable deposit.
We conducted negotiations with the city's planning department, negotiated contracts, and helped the buyer receive $2 million income from selling Historic Tax Credits, which were obtained with the help of a tax attorney we brought into our team. We also enlisted an architect who previously had completed drawings for a Conrad Hilton Hotel on the site and was able to advise the buyer on the structural condition of the upper floors which were inaccessible.
