Downtown Portland

418 SW Washington St. Portland Oregon

A couple days ago we heard that the fancy new Ritz Carlton had been reposessed by the lender. Now we hear about this. Things are looking kind of grim for the commercial real estate market. Well, grim for owners, but maybe opportunity for newcomers.

Willamette Week reports:

The Merchant Banker Building—the former home of landmark restaurant Greek Cuisina—has a new owner. . . . The sale price was $1.2 million. . . .  The 1898 building is 22,920 square feet. Its last sale price in 2019 was $6.1 million.

$50 a square foot is a pretty good price for a building. No telling what kind of shape it's it, but as old as it is, it is surely going to require some work.