January 15, 2010
As One Ecker Turns (Over): Lender Forecloses As Nobody Bids
As we broke the news with respect to One Ecker last May: "The development is in receivership (and all deposits have been returned)."
As a plugged-in reader reports today: "Construction lender foreclosed on the project [an hour ago]. Beneficiary (represented by an attorney from LA) bid $14,000,000. No takers."
First Published: January 15, 2010 3:30 PM
Comments from "Plugged In" Readers
It would make a cool little performance theatre location. ?? :)
Posted by: jamie at January 15, 2010 3:42 PM
I just don't understand why anyone thought this was anything other than a building for offices.
Posted by: midcentfan at January 15, 2010 4:40 PM
Hey, I used to work there when it was offices. It felt a bit lost below it's tall neighbors, but it was a nice space. Never could imagine why anyone would want to live there, though.
Posted by: Andy at January 15, 2010 4:52 PM
broker talk was that this was being pursued heavily by oz ericson / emerald fund to buy out of FC and " redevelop".
Posted by: louis at January 15, 2010 6:04 PM
From what I can tell, over $31 million was owed on the note. It appears to be a judicial foreclosure, and the suit claims that the developer signed a personal guaranty. IANAL, YMMV...
Posted by: EBGuy at January 15, 2010 6:17 PM
I showed One Ecker to a client when they first started showing the units. The sales team was so disorganized, I'm wondering how many deposits they actually had to give back.
Posted by: RSVP at January 15, 2010 6:27 PM
Residential makes no sense in this building.
Posted by: pwb at January 15, 2010 8:52 PM
at least it's close to Yang Sing.
Posted by: jaja at January 16, 2010 10:44 AM
It looks like there's some finishes to at least A unit...noticed they cleaned up the building on the side by Yank Sing by removing those wooden box structures.
Have been meaning to find out what was going on with this property. Agree, location seems quite terrible especially to "buy" being boxed in to Ecker Square and the Stevenson Place buildings.
Posted by: JB at January 16, 2010 4:46 PM
Anyone know what kind of mechanic liens, back owed property taxes, etc that a bidder would have had to take subject too?
$14,000,000 is about $270,000 per residential unit doesnt seem like that much!
Posted by: aj at January 16, 2010 6:26 PM
I roamed over the entire project around a year ago. The sales staff was so disinterested in visitors that anyone who entered the property was free to explore at will. At that time expensive appliances and plumbing fixtures were in the process of being installed in many of the units. So somebody is in this project for a lot more than just real estate and basic construction costs. I liked the interiors, but almost every window looks directly into someone's office or the window of another apartment--no privacy at all. The huge windows are the draw but they would have to be covered most of the time. I wonder if this building could make it as a boutique hotel.
Posted by: sunnyvalesteve at January 17, 2010 7:31 PM
Is there a way to look up title like mechanics lien etc without pulling a prelim on the property?
Posted by: newtore at January 18, 2010 10:19 AM
Would it make nice senior housing?
Posted by: Kathleen at January 19, 2010 7:30 AM
Foreclosure clears all junior liens (ie mechanics) unless that are secured by a bonded stop notice.
Posted by: r at January 19, 2010 8:24 AM