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No Outside Bidders for Back Bay Retail Property

Image courtesy of Google Maps

A lender submitted the only bid of $25.7 million for a vacant Back Bay retail property at a foreclosure auction Tuesday.

The 795-799 Boylston St. property contains a 2-story, 9,786 square-foot building previously occupied by a Capital One Cafe.

Paul E. Saperstein Co. conducted the sidewalk auction outside the property at the corner of Boylston and Fairfield streets. Auctioneer Samantha Saperstein suggested an opening bid of $30 million, but received only one bid.

The property has been owned by a realty trust registered to Nancy Hennessey and Abraham Paul Sarkis since 1987, when it sold for $2.35 million, according to data compiled by The Warren Group, publisher of Banker & Tradesman.

In February 2019, Boston Private Bank provided $22 million in mortgage financing. The mortgage is now held by First-Citizens Bank & Trust Co., according to a legal notice for the auction.

The property is currently assessed at $13.2 million.

BT Nextdoor