This was the third buyer who attempted to buy the four-year-oldopulent building--constructed out of brick, marble, granite andbronze--after the company placed the building for sale with onlinebidding company LFC Group at a minimum bid of $1 million. On Nov.1, 2007, after a 20-day bidding war, a bidder claimed the prizewith its offer of $3.4 million. However it was unable to procurefinancing, so the bidder defaulted. A second buyer from NorthernIreland also offered $3.4 million, but that deal fizzled out aswell. The building went back on the block in February, with aminimum bid of $3 million. A third and final buyer won the buildingat $3.6 million this week.
Adelphia filed for Chapter 11 bankruptcy protection afterdisclosing off-balance-sheet debt in excess of $2 billion. Twofounders and officers, John and Timothy Rigas, were among the highprofile success prosecutions of CEOs in the early 2000s. TimeWarner Cable and Comcast have since acquired much of Adelphia'scommunications business.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
