Liberty Warehouse has been sold

This isn’t a surprise to anybody (at least, to anybody who was paying attention when we talked about it before), but Greenfire’s sale of Liberty Warehouse has been completed. The final price tag was $3.5M – a number which exactly matches what Greenfire paid for it back in 2006. I’d love to hear from somebody who knows more about the accounting involved here, because I wonder whether Greenfire managed to cash in on any tax credits for “maintaining” the historic building (before they allowed it to fall apart while¬†failing to maintain it).

Durham’s last extant tobacco warehouse won’t be extant much longer, as the new owners, East West Partners, plan to tear the dilapidated building down to make way for a “cool” new mixed use development. Prep for demo should start within the next 45 days.

2 thoughts on “Liberty Warehouse has been sold

  1. Tax credits require the developer to exceed their basis in upfit/remodeling costs. The basis was $3.5m, it’s safe to assume Greenfire did not exceed that am mount up keeping the building. So, no, they did not take tax credits.

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