Wednesday, February 10, 2010
Dragon Trading Building Up for Auction
The Dragon Trading Building at 1709 Locust will be available for sale via auction starting on February 23. Bidding will start at $900,000.
The building was purchased by its current owners, New York real estate investors Cyrus and Darius Sakhai, for $1.8 million back in 2006. Darius Sakhai is also a principal of Sovereign Partners, which owns the Gateway Tower and 1015 Locust.
The Sakhais planned to convert the 80-year-old, 76,000 sf building into 36 to 40 rental lofts on the upper three floors with retail space on the first floor. Its 15,000 sf basement was to be converted into an underground parking garage.
This building has always been a favorite of mine. Renovated and converted to residential use, it would nicely complement the recent developments around it, such as the Printers Lofts, as well as the planned redevelopment of the Leather Trades Building a block away.