November 1,2018. As reported by News Is My Business the five-acre lot formerly used as a parking facility for the Sagrado Corazón Urban Train station in Santurce has been sold — for a fraction of what the government was seeking, according tto he listing information. In 2017, the property had an appraisal value of $13.5 million, according to government records.
The lot known as Parcel B, Santurce Sur Ward — located between Ponce de León and Muñoz Rivera Avenues — was listed for $6.5 million but was sold for $3.3 million. In 2017, the property had an appraisal value of $13.5 million, according to government records.
Information about the buyer was not available as of press time.
However, this property was one of 15 real estate assets formerly held by the defunct Government Development Bank, the majority of which it acquired in exchange for a $150 million loan on Dec. 30, 2008, used by the central government to cover a portion of the FY2008-2009 deficit, according to the Fiscal Plan.
The GDB created an REO Management and Disposition Working Group Committee to move the properties through an “open, transparent, and orderly process since calendar year 2017.” The GDB engaged real estate brokerage firm Christiansen Commercial to assist in the property preservation and sales efforts.