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Former HQ of Lynn's "The Daily Item" Sold at Absolute Auction

July 17, 2015

JJManning 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. 

The 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.

 The 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.

Ultimately 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.