Marianne Sullivan, president of Sullivan & Sullivan Auctioneers LLC, reads details about the upcoming foreclosure auction that was held for the remaining development rights to a parcel at The Pines at Bousquet in Pittsfield. The parcel’s lender easily won the auction with no challenging bids for $634,500.
THE BERKSHIRE EAGLE
A small crowd gathers on Alpine Road for a foreclosure auction Wednesday for the remaining development rights to a parcel at The Pines at Bousquet in Pittsfield. The parcel’s lender easily won the auction with no challenging bids for $634,500.
Business writer
Marianne Sullivan, president of Sullivan & Sullivan Auctioneers LLC, reads details about the upcoming foreclosure auction that was held for the remaining development rights to a parcel at The Pines at Bousquet in Pittsfield. The parcel’s lender easily won the auction with no challenging bids for $634,500.
THE BERKSHIRE EAGLE
PITTSFIELD — Foreclosure auctions took place at two Pittsfield housing developments Wednesday, but only one of those properties now has someone new that is involved in its operation.
Nathan Girard, of Pittsfield, the owner of Bloom Brothers cannabis dispensary, purchased the the seven remaining lots at Woodmonte Estates for $175,000 at one auction.
Two hours earlier, the future development rights for The Pines at Bousquet Mountain went up for bid, but there were no bidders and no takers. The property’s mortgage loaner, First Boston Capital, retained the future development rights for the property for $634,500 after no one countered the opening bid price.
The notes for both properties are held by First Boston Construction Holdings LLC. Auctions for both properties were scheduled after First Boston Construction Holdings foreclosed on the commercial mortgages for both sites, which were held by companies associated with developer/builder David Ward of LD Associates of Lenox.
Girard, who lives in Woodmonte Estates, bid against a representative of First Boston Capital for the remaining seven lots in the private gated community, which is set on more than 850 acres off West Street beyond Berkshire Community College. One of the seven remaining lots abuts another property in Woodmonte Estates that Girard already owns. Four of the remaining lots are located on Eastbrook Lane, two on Northbrook Lane and one on Westbrook Terrace.
He purchased the lots as an investment, Girard said, and has no immediate plans to develop them.
“Eventually maybe [we’ll] build a couple of houses on a couple of the lots,” he said. “Ultimately, I’ll work with a couple of partners that I have and figure out what we’re going to do with it.
“Without risk there is no reward,” he added.
Girard opened the bidding at $100,000. First Boston Capital countered at $150,000 before Girard submitted the winning bid.
A small crowd gathers on Alpine Road for a foreclosure auction Wednesday for the remaining development rights to a parcel at The Pines at Bousquet in Pittsfield. The parcel’s lender easily won the auction with no challenging bids for $634,500.
“We’re out on a limb here,” he said, “but the price was where we wanted it to be. We feel that at this price per lot we’re going to do just fine.”
By submitting the winning bid, Girard has received a purchase and sales agreement for the property’s seven remaining lots. The terms of the sale require Girard to close on the property within 30 days.
The Pines at Bousquet Mountain is a townhouse community of condominiums off Dan Fox Drive adjacent to the Bousquet Mountain Ski Area.
The future development rights for that parcel, as listed in the The Pines’ amended master plan, allow for the building of “multiple units.” The Pines currently has 93 units located in 31 buildings. A maximum of 117 units are allowed in the development.
A representative of First Boston Capital declined to comment following the auctions.
Tony Dobrowolski can be reached at
td**********@be************.com
or 413-496-6224.
Business writer
Tony Dobrowolski’s main focus is on business reporting. He came to The Eagle in 1992 after previously working for newspapers in Connecticut and Montreal. He can be reached at
td**********@be************.com
or 413-496-6224.
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