The owners of the former La Renaissance Banquet & Conference Center in East Windsor are in negotiations with one potential purchaser after buying more time on a looming foreclosure auction.
“There has been a moderate amount of showings,” Martin Levitz, a broker at Chozick Realty in Hartford, which has the listing, told me today. “People are definitely interested in buying the property. We are actively negotiating with one buyer.”
Levitz declined to name the potential buyer, citing the on-going negotiations.
Two weeks ago, a Superior Court judge in Hartford extended the auction date from Saturday to July 20 after owner Dharamschi LLC argued that there was “active interest” in the property, according to court documents. Dharamschi principal Atulkumar S. Vachhani listed the 27,500-square-foot hall on eight acres off Prospect Hill Road for sale about a month before a scheduled April 27 foreclosure auction.
People’s United Bank, which has sought the foreclosure, fought the extension, arguing that a sale wasn’t imminent because Dharamschi couldn’t produce either term sheets or a purchase contract, court documents show.
Court documents show Dharamshi paid $5.1 million for the property at 53-59 Prospect Hill in 2007. It fell into foreclosure in June 2012, the documents show.
The asking price for the property is $3.97 million. An appraisal by the bank last fall pegged the value at $3.3 million.
Bruce Maneeley, owner of Maneeley Banquet & Conference Center in South Windsor, expressed interest in purchasing La Renaissance last month. He couldn’t be reached for comment today.
Peter Ressler, a New Haven lawyer representing Dharamschi, also couldn’t be reached.