Sheriff's sale of Union Trust Building postponed to March 4
By Sam Spatter
Published: Monday, Jan. 7, 2013, 12:16 p.m.
The Allegheny County Sheriff's Department on Monday postponed a sheriff's sale of the Union Trust Building, Downtown, until March 4.
Cohen & Grisby, the Pittsburgh law firm representing Bank of America, requested the delay because creditors in California made an involuntary bankruptcy filing on the property, said Sgt. Richard Fersch of the sheriff's office.
The filing identifies the creditors as Gertrude Fox, wife of Gerson Fox, an owner of 501 Grant Street Partners, which owns the 11-story building; Cost Construction Co. of Pittsburgh; and Allied Baron Security Services LLC of Pittsburgh. Fox listed a $100,000 claim on money loaned. Cost has a $5,900 claim; Allied Barton, one for $960.96.
Fersch conducts monthly sheriff's sales, typically on the first Monday.
“The next step could be the results of a Feb. 13 hearing by the U.S. Bankrupcy Court in Los Angeles to name a trustee,” he said.
Bank of America, through subsidiary SA Challenger Inc. of California, sought to foreclose on the building, which is more than 60 percent vacant. Siemens, its major tenant, attempted unsuccessfully to reduce its space there.
Gerson Fox and partner Michael Kamen owe $41.43 million in mortgage payments to Bank of America, which has tried to foreclose for nearly a year.
A sheriff's sale was scheduled because Bankruptcy Judge Judith K. Fitzgerald in Pittsburgh dismissed a petition the partners filed in August for a Chapter 11 bankruptcy reorganization.
Earlier, Common Pleas Judge Christine Ward named Jeffrey Ackerman of CBRE Inc. as servicer for the building. The California court scheduled a hearing Thursday to determine whether to appoint a new receiver. Ackerman declined to comment about the receivership.
Kamen and Fox, through Mika Realty Trust of Los Angeles, in 2008 paid $24.1 million for the building that industrialist Henry Clay Frick built as a retail arcade. It later became an office building.
Sam Spatter is a staff writer for Trib Total Media. He can be reached at 412-320-7843 or firstname.lastname@example.org.
Show commenting policy
TribLive commenting policy
You are solely responsible for your comments and by using TribLive.com you agree to our Terms of Service.
We moderate comments. Our goal is to provide substantive commentary for a general readership. By screening submissions, we provide a space where readers can share intelligent and informed commentary that enhances the quality of our news and information.
While most comments will be posted if they are on-topic and not abusive, moderating decisions are subjective. We will make them as carefully and consistently as we can. Because of the volume of reader comments, we cannot review individual moderation decisions with readers.
We value thoughtful comments representing a range of views that make their point quickly and politely. We make an effort to protect discussions from repeated comments either by the same reader or different readers.
We follow the same standards for taste as the daily newspaper. A few things we won't tolerate: personal attacks, obscenity, vulgarity, profanity (including expletives and letters followed by dashes), commercial promotion, impersonations, incoherence, proselytizing and SHOUTING. Don't include URLs to Web sites.
We do not edit comments. They are either approved or deleted. We reserve the right to edit a comment that is quoted or excerpted in an article. In this case, we may fix spelling and punctuation.
We welcome strong opinions and criticism of our work, but we don't want comments to become bogged down with discussions of our policies and we will moderate accordingly.
We appreciate it when readers and people quoted in articles or blog posts point out errors of fact or emphasis and will investigate all assertions. But these suggestions should be sent via e-mail. To avoid distracting other readers, we won't publish comments that suggest a correction. Instead, corrections will be made in a blog post or in an article.
- Sbarro again files for bankruptcy reorganization
- ‘Fresher, different, lot more fun’ guide changes at Kings Family Restaurants
- Marcellus shale driller Noble Energy Inc. sinks roots into Pittsburgh
- Weather worsens McDonald’s sales struggles
- 1,500 Bangladesh factories set to be inspected by August
- Stocks dip on gloomy data from Asia
- EBay shareholders urged to reject Icahn picks
- JPMorgan whistle-blower gets $64M for mortgage fraud tips
- Minorities crucial to filling Marcellus shale gas drilling jobs
- Regular IRA or Roth? Pick either
- ‘Boomerang’ buyers get another chance at homeownership