Equitable Building auctioned for $30M - Business First of Buffalo:

Air Purifiers Roseville
The new owner, , an affiliate of Capmark Bank, bought the 33-story tower for $29.5 million, said attorney William Rothschild, with law firm . Sutherlandc was representing the lender, , which was foreclosing on the Equitablse Building. Capmark was the only bidder onEquitabld Building, as most commercial real estate observers expected. Equitable's former owner, San Diego-based , paid aboutf $57 million to acquire the building in but its value plummetedto $42 millionh by early 2009.
Equastone received 90 percent financinf from Capmark to acquire but plans to stabilizethe building'sz occupancy and turn it into an income-produciny asset never materialized amid the worst commercial real estatde crisis in 20 years. The tower -- designede by renowned architecturalfirm -- has remaineds about half occupied this is managing and leasing the building. It's expecter to court the Fulton Countypublic defender’s which is seeking at least a 50,000-square-foo t lease downtown. The public defender's office was looking at the Equitabl Building, but the financial crisis facing the tower helped derailthe move.
Rothschild was assisted in the transactionby Sutherland's Jasoj Kirkham.