54 State Street has been sold $2.3 million. One of the new owners is 52 State Realty Corp, whose president is local businessman Nasser Ghorchian.
Donald Brennan, local real estate broker and blogger suggests the most likely scenario is that the new owners will convert the distressed property to condos. He adds that profit margin looks slim – new owners paid about $347/sq. foot for the building. Getting it up to snuff will cost around $300 sq/foot.