As of 6 p.m. on Monday night, the online bidding on auction.com for the the Fisher and Albert Kahn buildings in Midtown had reached $8 million.
The bidding, which began Monday and ends Wednesday. You can expect a lot more bids for the pair of buildings between now and the Wednesday deadline.
The bidding requires a $50,000 deposit and bid increments, according to the site, are at $100,000.
The starting bid was $3.5 million.
John Gallagher of the Detroit Free Press writes that the Southfield-based Farbman Group real estate firm bought the two buildings in 2001 from TrizecHahn Corp. for $31 million, but lost the properties to its lender earlier this year.
The auction site says this about the properties:
Auction.com and Friedman Brokerage Company present for sale The Fisher & Kahn Buildings, located in the New Center District in the rapidly-growing Greater Downtown Detroit region. The properties consist of ±776,502 square feet of rentable area spread across two buildings. These iconic art-deco buildings are also being sold with over 2,000 parking spaces, which is a major advantage in an area with limited parking. The properties are centrally located within less than a mile of several major freeways, including M-10, I-75 and I-94. The properties are also within walking distance of the new M-1 Rail Northern Terminus (under construction), which unifies New Center, Midtown and the CBD. These freeways link the area to locations throughout Detroit, including the downtown area and Detroit Metropolitan Airport, both within 30 minutes of the properties. The tenant mix at the buildings is diverse, ranging from nationally-recognized non-profits and government entities to health insurance providers, construction companies and architects.
