The two-block property, which is located between Washington Street and Broadway, has close to two dozen buildings. Old Oakland is mostly occupied by office tenants on the upper floors, but has many vacant ground-floor retail spaces.
Citicorp took the property back from developers Glenn and Richard Storek in 1991, in what the developers claim was an unjust foreclosure. The Storeks had spent nearly 10 years renovating the buildings with a $9 million Citibank loan and a $30 million city bond.
The Storeks have brought a $41.8 million lawsuit against Citibank for alleged fraud and breach of faith. However, the lawsuit will not affect the new owners.
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