One Ecker: Exterior (Image Source: oneecker.com)
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.”
As One Ecker Turns: (Our Fourth Update): Selling In Receivership [SocketSite]

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Comments from “Plugged-In” Readers

  1. Posted by jamie

    It would make a cool little performance theatre location. ?? :)

  2. Posted by midcentfan

    I just don’t understand why anyone thought this was anything other than a building for offices.

  3. Posted by Andy

    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.

  4. Posted by louis

    broker talk was that this was being pursued heavily by oz ericson / emerald fund to buy out of FC and ” redevelop”.

  5. Posted by EBGuy

    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…

  6. Posted by RSVP

    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.

  7. Posted by pwb

    Residential makes no sense in this building.

  8. Posted by jaja

    at least it’s close to Yang Sing.

  9. Posted by JB

    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.

  10. Posted by aj

    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!

  11. Posted by sunnyvalesteve

    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.

  12. Posted by newtore

    Is there a way to look up title like mechanics lien etc without pulling a prelim on the property?

  13. Posted by Kathleen

    Would it make nice senior housing?

  14. Posted by r

    Foreclosure clears all junior liens (ie mechanics) unless that are secured by a bonded stop notice.

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