Broadway wins approval of plans to sell the DuMont
Last week Broadway401 LLC won court approval for the Chapter 11 bankruptcy restructuring they applied for two months ago on The Dumont. This applies to all 559 units in both the 401 and 425 Massachusetts Ave NW buildings.
Urbanturf is reporting that we should expect to hear news of a sale of the properties to Equity Residential (EQR) in the coming weeks. Equity Residential is an S&P 500 company focused on the acquisition, development and management of high quality apartment properties in top U.S. growth markets.
I wonder if the properties will be renamed by new ownership to distance themselves from the past baggage surrounding the Dumont.
UPDATE (3/24/2010 11:30am): Good find from reader Steven – a listing for 425 Mass on the EQR website.
UPDATE (3/25/2010 3:30pm):WBJ reports the sales price was $167 million.
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