June 15, 2014 by Benji
This is an Article in Crains Detroit about the CPA building which I sold.
The vacant 11,000-square-foot CPA Building at the corner of Michigan Avenue and 14th Street in Detroit’s Corktown has sold to an undisclosed New York investment group for $900,000.
Farmington Hills-based Howard Schwartz Commercial Real Estate LLC represented Ray Kouza, the owner of the building, which is across the street from Slows Bar BQ and the abandoned Michigan Central Depot building.
It was marketed as being first-floor retail with the remaining five floors being used for office or residential space.
Ben Rosenzweig, real estate broker for Howard Schwartz, said the investment group plans to “redevelop the property and get things cooking there again.” He would not give any details on plans for the building.
The sale closed in late May. It had been on the market for more than 11 years, according to Washington, D.C.-based real estate information service CoStar Group Inc.
Rosenzweig said the investment group has purchased Detroit area buildings before, but would not disclose which it owns.
The building, named for the Conductors Protective Association union for railroad workers that it originally housed, had been owned by CPA Office Building Plaza LLC, an entity registered to Kouza.
It was constructed in 1924, according to CoStar. It has been vacant since 2009.
Kouza, who said he did not know who bought the building, purchased it in 1999 for $380,000, according to CoStar.
Kirk Pinho: (313) 446-0412, firstname.lastname@example.org. Twitter: @kirkpinhoCDB