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With commercial real estate prices down significantly over a few years ago,
buyers can afford to acquire unusual and often historic properties, even
though they may need serious renovation.

Some properties that have been designated historic can qualify for federal
tax credits, making the purchase even more attractive.

In New Orleans, for instance, a vacant 100-year-old office building in
Mid-City recently sold for $5.5 million, $2 million less than it appraised
for prior to Hurricane Katrina. The buyer plans to turn it into a hotel.

Buyers of the New York Daily News delivery warehouse in Brooklyn, N.Y., left
the signage in place because they hope it will draw customers to their
rock-climbing business.

It probably won't be cheap or easy to renovate these properties, but buyers
don't seem daunted. "It's not for the faint of heart," says Dick Friedman,
who three years ago purchased Boston's Charles Street Jail and turned it
into a hotel, restaurant and bar. "But I think it's worth it."

Source: The New York Times, Sarah E. Needleman (05/04/2010)

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