July 17, 2015
Auctioneers, a leader in the accelerated marketing and disposition of quality
real estate, is pleased to announce the sale of 38-54 Exchange St. & 74 Mt. Vernon St., Lynn, MA at
Absolute Auction for $880,000.
iconic former headquarters of "The Daily Item" newspaper is a 34,735+/- sf. commercial
building, comprised of a circa 1900 5-story limestone flat iron structure with
a circa 1972 3-story addition, complete with the original hand-operated
passenger elevator and a variety of period detail. A high visibility location
on Cosgrove Square
near the MBTA commuter rail station with ocean views provides tremendous
potential for an office and/or possible residential development. The property is situated on .36+/- acres
comprised of 2 adjoining Assessor's parcels with an 18+/- space parking lot in
the middle of the Central Business District.
uniqueness of the property held by the same family for 3 generations, in
combination with special considerations to be made in regard to an onsite
National Grid power room and large areas containing built-in press equipment to
be included with the sale, made it an ideal candidate for a real estate auction
where true market value is achieved through competition between ready, willing,
and able buyers.
the Absolute Auction method, wherein the property is sold to the last and
highest bidder regardless of price, elevated the number of inquiries, website
hits, social media activity, and property tour attendance culminating in 14
registered bidders each with a certified deposit of $25,000 in hand competing
to own the property on auction day.