ST. LOUIS — The loan secured by the Railway Exchange building, one of St. Louis’ largest, will be put up for sale next month on an online auction website.
Bidding on the note will run from July 24 through July 26 on the Ten-X online auction website, with a starting price of $3.5 million, according to a listing posted online.
The historic downtown St. Louis building, which was constructed in 1913 and condemned by the city for safety reasons earlier this year due to, among other reasons, dozens of people living there, is listed as an office building on the auction site. It served as the headquarters for Famous-Barr parent company May Department Stores Co. until 2005, when new parent company Macy’s sold the building for $18.5 million. The building has been vacant for nearly a decade.
The auction, which appears to be set up by New York-based building lender Gamma Real Estate Capital, looks to sell Gamma’s nonperforming loan, which is secured by the 1.2 million-square-foot building at 601-615 Olive St.
The 21-story building itself is owned by HH St. Louis Railway LP, an entity tied to Florida-based Hudson Holdings.
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