Northland Investment Corp. has lost a third office tower in downtown Hartford — CityPlace II — to foreclosure, according to city records.
Northland’s once substantial commercial portfolio has crumbled since the Newton, Mass.-based firm lost Metro Center to foreclosure in early 2011. Metro Center was the first purchase by Northland and its chairman Larry Gottesdiener in Hartford in 1997.
In July, Northland lost Goodwin Square, which includes the long-closed Goodwin Hotel, to foreclosure.
Northland could not be immediately reached for comment this afternoon.
The 18-story CityPlace II sank into foreclosure in late 2009, and court documents showed a contentious relationship between Northland and LNR Partners, the mortgage servicer pursuing the foreclosure.
Northland has accused LNR of refusing to negotiate, linking the foreclosure at CityPlace II with Goodwin Square, where LNR also was pursuing a foreclosure at the time.
Northland bought CityPlace II in 1999 for $33 million and took out a $25 million mortgage in November 2006. Northland hasn’t made a mortgage payment since June 2009 and now owes $31.7 million.
Even with the losses, Northland remains a significant landlord in downtown Hartford, albeit diminished in size, with the Hartford 21 tower, the Standard Building on Trumbull Street and the Crosthwaite Building on Allyn Street.
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19 Responses to Northland Investment Corp. Loses Third Hartford Office Tower To Foreclosure
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What is clear here is that if your an investor and want to lose money buy Hartford real estate.
or re-elect Obama
Your an asshole.
Ted, that is.
Truth is the truth, Jimmy…Time for you to face it.
This is certainly not going to help Hartford diminish its office vacancy rate, let alone fill the ghost-like feeling in the Goodwin Hotel. Next to come, the loss of Hartford 21..
A good development. Northland has had too much of Hartford’s downtown real estate tied up and doing nothing. Now a much better chance of seeing something happen with these properties, especially the Goodwin Hotel.
It’s amazing how dumb Gottbucks is.Hartford’s only hope is that someone who is not a dope make these building viable again.
Leave him be. Who could have predicted that we would sink into the greatest depression since the great one.
Who did not see this coming? Hartford has little to offer it’s residents, not to mention out-of-staters’. The “Rising Star” is seemingly sinking with the Whale. Hartford, for all of it’s history, can’t get it right…and never will. Increasing comercial vacancy and decreasing residential tennants are common-place. Thought: Offer Stamfords’ GE free rent for 6 years in turn for a 10 year lease. 5,000 new workers in Hartford would be a start. The buildings are empty anyways and will most liely remain that way for years. STOP THE TALK AND MAKE A MOVE HARTFORD!
No real jobs, no real future, and Democrats taxing the heck out of the remenants of Hartford’s economy, what did you expect.
Hartford needs fresh blood for cutting edge leadership. But where to find it? Let’s check Who’s Climbing Connecticut’s Career Ladder!
Overtaxed Bill – you are just as much an asshole as Ted.
I think you will find Hartford, Waterbury and all of central Conn pricing at less than 1987- 25 years ago the heyday of Colonial Realty, Sisti, Schuch, etc. Amazing and all the teacher salary/pension were supposed to come out conveyance tax as there was no income tax then. Funny I have been told Hartford area teachers are buying up foreclosed summer houses in Ct, RI and Cape shoreline at 50 cents from peak..after all they have guaranteed jobs, pensions, summers off..why wouldnt they. Many husband/wife teachers are at 200K income or 130K pensions..look it up on ctsunlight.org
Art: excellent commentary. I think you hit the nail right on the head. everyone has been forced into “shared sacrifice” by the economy. The government unions have not sacrificed anything. Last week City of Hartford had to lay off 12 non union administrative staff and managers. They don’t have a safety net to protect them. Is Larry Dorman or one of the union bosses going to help him out?
Don’t worry, Hartford will open up another subsidized grocery store and all be be fine.
When Hartford’s own politicians are registering their cars at their summer homes you know taxes are sky-high.
Hartford’s a welfare haven. Good luck with that.
Hey I got an idea. Call up DANNY BOY he’ll give you MILLIONS OF OUR TAX DOLLARS to convert this building into apts a/k/a the old Fleet Bank building. Trouble is without jobs who needs apts. Face it Hartford, Bridgeport, Waterbury, Meriden, New Haven, New Britain are ALL rat holes. What do they have in common? You decide.
Pete must live in Westport,Farmington,Avon or West Hartford and untilize the services these rat holes provide to their bedroom communities. I bet Pete has ALL the answers too.
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