Block 37, the for level mall at 108 N. State Street, sold for $100 million in a sheriff’s auction today to Bank of America, the loan bidder in the process.
This officially marks the end of developer Joseph Freed & Associates’ owner ship of the property.
Block 37 was moved into receivership in October of 2009 by B of A, the project’s lender. B of A claimed that Freed defaulted on a $205 million construction loan.
Block 37, a 280,00-square-foot retail development, opened in November of 2009 and currently has a vacancy of 60 percent. Tenants include Anthropologie, the Disney Store, PUMA, and Zara.
Joseph Freed & Associates still has a significant presence in the State Street corridor with its Sullivan Center project at 1 S. State Street.
