Projo Biz Blog

By Christine Dunn

PROVIDENCE -- A Providence Superior Court judge has approved plans to sell four commercial buildings owned by Corsetti Properties LLC _ three in the Financial District and one near Women & infants Hospital.

The court-appointed receiver, Providence lawyer Richard L. Gemma, had said $9 million was owed in a blanket first mortgage on all four properties: 1 Custom House St.; 32 Custom House St.; 146 Westminster St.; and 111 Plain St. Together, the buildings are assessed at a value of $5.619 million, according to Providence tax records.

Receivership is a form of bankruptcy, where a court appoints a trustee to either liquidate a company or sell it whole to pay off its debts. David Corsetti is the principal of Corsetti Properties LLC.

The following prices and buyers were included in the order signed Aug. 14 by Judge Michael A. Silverstein:

= $535,000 for 1 Custom House St., also known as the Equitable Building, home of the former Custom House Tavern, buyer, Michael Voccola, the corporate vice president for administration and legal affairs for the Procaccianti Group, owner of the Westin Hotel in downtown Providence.

= $650,000 for 32 Custom House St., next to the Pot Au Feu restaurant, which formerly was used as office space for Corsetti Properties and the law firm of House Majority Leader Gordon Fox, D-Providence. The buyer was Omni Property Group, Inc., of 260 West Exchange St., Providence. Officers of the Omni Group are William L. DiStefano Jr., Dominic Shelzi, David M. Campanella and Bernard E. Baccari Jr.

= $1,045,000 for 146 Westminster St., buyer, Capital Development LLC, a Rhode Island company. The registered agent for the company is Steven I. Rosenbaum of Poore & Rosenbaum, 30 Exchange Terrace, Providence.

= $3,321,000 for 111 Plain St., a medical office building. The buyer is Legacy Real Estate Ventures, Inc., of 318 Bear Hill Rd., Waltham, Mass. The company's agent is Michael L. Price.

Comments

sue said:

Sorry,I meant $3.5 M-although with interest and penalities...

Link | August 22, 2009 8:42 PM
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