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25th Street Theater for sale for $1?
11/29/2009 6:53 PM by John M
Craigslist has this: $1 Old Theatre On 25th St In Church Hill For Sale (25th ST):
Huge commercial developement opportunity for the right Investor. There is also a huge tax credit opportunity available. The building is gutted and currently does not have a roof. Respond via email with questions, offers, etc.
What is the catch and why so cheap? I’d buy it for $1.
I think the catch is the money required to prevent the building from collapsing and incurring property violation citations. I would buy it too if I had money and/or investors ready to do something with it. Do “closing costs” apply?
I hope the catch is a full scale renovation.
Based on “Respond…with offers”, I’m thinking it’s the Craigslist tactic of putting “$1” to grab attention. Although at this point I bet they’d take anything to get it off their hands.
Don’t believe the hype.
The City seems to have plenty of money to invest in old theaters. Maybe they can make it part of “Center Stage”, which is “too big to fail”.
Are there back taxes due possibly? Anyone taking this on needs to be sure to read and re-read the fine print.
Buying it is the easy part.
What do you do with it next!! Tom O’kelly Jewels inc. General Contractor.
Hey, I might be totally wrong here but I heard many years ago that land cannot be given away or sold for nothing. I think the $1 thing is the city’s way of getting rid of property effectively. Someone please buy it! Make something nice from it!
Tom- Do you have any ideas? Would love to see that place get some deserved attention!