October 14, 2010

SF's Landmark Cannery At Del Monte Square Taken Back By The Bank

2801 Leavenworth

While positioned as a calculated move to strategically default and force a restructing of Vornado Realty Trust’s debt on San Francisco's landmark Cannery at Del Monte Square, it’s a plugged-in tipster that notes the property is scheduled to hit the courthouse steps this afternoon with an opening bid of $13,800,000.

Vornado purchased the property at 2801 Leavenworth for $33.5 million in 2007.

UPDATE: As a plugged-in reader reports: "Went back to the lender for $13,800,000."

A "Calculated" Default For The Cannery At Del Monte Square [SocketSite]

First Published: October 14, 2010 1:30 PM

Comments from "Plugged In" Readers

Looks like the calculated default wasn't that calculated.

Went back to the lender for $13,800,000

Posted by: inclinejj at October 14, 2010 3:35 PM

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