Despite their demonstration to scare off potential buyers Tuesday, another investor has outbid the tenants of the Pigeon Palace to purchase the six-unit building. The potential buyer’s offer needs to be approved in a court hearing within the next 30 days, at which time other buyers can offer higher bids.
Tracy Parent, executive director of the the San Francisco Land Trust which was working with the tenants to purchase this building, provided this update to Mission Local:
SFCLT made an offer of $2M on Wednesday. There were 4 offers and SFCLT was not contacted for a counter-offer. We learned that the conservator accepted another offer that was about 30% higher than our offer (e.g., $2.5M). This just sets the floor for the upcoming court auction (30 days from now), at which SFCLT will be present to continue bidding to win back this unique property from the private market.
As Parent suggests, the tenants hope to buy their building aren’t completely crushed. Though, it might be a tough slog with a potential bidding war.