A foreclosure sale of the former Azucar restaurant property on Franklin Avenue drew one bidder last weekend, a lender with a stake in the South End property.
Hartford Community Loan Fund, which owns part of the mortgage on the property along with the primary lender Liberty Bank, submitted the sole bid of $211,000. The courts must now approve the bid.
Rex Fowler, executive director of the loan fund, told me today the bid was well below the current appraised value of $505,000. But Fowler pointed out that $135,000 in property taxes plus another $17,000 in Metropolitan District Commission liens must be paid off before the loan fund can sell the property.
If the loan fund gains court approval, it plans to market the property for $400,000.
According to court records, the property fell into foreclosure in February, 2011 and a judgment of foreclosure by sale was handed down in June, 2011. The sale was delayed once.
Salvatore and Hilda Pirrotta, of Glastonbury, operated the restaurant, according to state business records, but patrons and past news reports have identified the co-owner as Iris Pirrotta. Salvatore Pirrotta is the president of the real estate holding company, Realty Holdings Corvo LLC, which owns the property at 492-494 Franklin Ave., according to property records.
Read more about the foreclosure here.
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