Those of you waiting with bated breath for the renovation, redevelopment, or removal of the 1950s-era office building at 3400 Montrose Blvd. (across Hawthorne St. from the Montrose Kroger): keep on bating. The company that bought the vacant 10-story building last September has told its 500 Israeli investors that its operations in Israel and Houston are both “in dire financial straits,” according to a report in Israeli newspaper Haaretz.
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Investors may lose $9 million they invested in U.S. real estate, the company warned in an email. The newspaper quotes the manager of the investment firm’s Israeli sales office as saying, “We failed as a company. The assets need to be sold off.” But the report also says that a firm called the Hagshama Fund has offered to take control of Global Paragon at a reduced valuation, “promising to invest another $7 million in renovating the Houston properties.” Global Paragon’s Houston investments also include The Courtyard apartments at 950 Villa de Matel, just north of Country Club Place in Houston’s East End.
- Hundreds face loss in Texas real estate [Haaretz]
- Previously on Swamplot: Redo Plans for the Office Building at 3400 Montrose Blvd., Will 3400 Montrose Rise from the Dead?, Stone Panel Leaps to Montrose Blvd. Sidewalk from Former Skybar Balcony, Everybody Out: The Ghost Town at 3400 Montrose, Comment of the Day: A 3400 Montrose Blvd. Inspection Report, Why Scott Gertner’s Skybar Is Leaving the Montrose Sky, Scott Gertner’s Skybar Closing, May Take the Whole Building with It
Photo: Candace Garcia