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Old 06-07-2012, 05:22 AM
 
20,273 posts, read 33,003,811 times
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Maybe we could form a City Data Pittsburgh kickstarter and buy it!

Union Trust Building Downtown set for sheriff's sale | TribLIVE

More seriously, I hope it goes to a well-heeled investor who wants to do something interesting with this historic treasure.
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Old 06-07-2012, 05:38 AM
 
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I would love to see the UTB become a hotel, it has the bones to become such.
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Old 06-07-2012, 06:55 AM
 
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The center atrium which makes it a problem for offices could work out well in a residential or hotel application.
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Old 06-07-2012, 12:17 PM
 
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I would love to have an office with a central atrium.
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Old 06-07-2012, 12:22 PM
 
Location: Lawrenceville, Pittsburgh
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Any idea how much a building like this could/would go for?
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Old 06-07-2012, 12:28 PM
 
Location: Pittsburgh area
9,912 posts, read 24,645,588 times
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Quote:
Originally Posted by WhoIsStanwix? View Post
Any idea how much a building like this could/would go for?
Got some cash hanging around?

It sold for $24 million in 2008. But I think some renovation has been done since then, at least some for the areas that Siemens was meant to occupy. The mortgage is $32 million, but the owed amount is more like $40 mil with the interest accrued according to the article.

What would it sell for now? Don't know. But it shouldn't suddenly be worth a ton less than the 2008 price really.
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Old 06-07-2012, 01:29 PM
 
Location: S.W.PA
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Not sure what difference a change in Ownership will make, unless someone has the money to make some significant investment. There must be some significant issues with the building- or it would have been fully leased long ago.
I am familiar with the Siemens space which I like, but I know some people find it a burden to have to walk the doughnut.
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Old 06-07-2012, 01:34 PM
 
Location: Lawrenceville, Pittsburgh
2,109 posts, read 2,158,312 times
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Quote:
Originally Posted by greg42 View Post
Got some cash hanging around?

It sold for $24 million in 2008. But I think some renovation has been done since then, at least some for the areas that Siemens was meant to occupy. The mortgage is $32 million, but the owed amount is more like $40 mil with the interest accrued according to the article.

What would it sell for now? Don't know. But it shouldn't suddenly be worth a ton less than the 2008 price really.
I wish I had that kind of capital right now...or ever

I'm just a curious mind and was doing some numbers about what sort of lease it would take to turn a profit out of that location. I feel like it would be nearly impossible to make cash on apartments there, unless they were uber expensive. The back of my envelope tells me it would take 200 units at almost $2000 a month to generate a return that's even in the ballpark of what you'd need. Note, I'm no real estate expert but that just seems like a really difficult situation.
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Old 06-07-2012, 01:55 PM
 
20,273 posts, read 33,003,811 times
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As I recall, PMC was planning to invest about $40 million in buying and converting Schenley HS to apartments. Schenley is 320,000 sqft, Union Trust 550,000 sqft. So assuming a similar rent per sqft, it would seem like you should be able to do about a $70 million conversion project with Union Trust (this is assuming it is a viable idea at all).
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