Block 37 goes for $100M at auction to Bank of America

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.

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