CINCINNATI — The office and retail space at Carew Tower has sold for $18 million to a New York-based investor, putting the iconic structure one step closer to a residential conversion.
Hamilton County property records show a corporate affiliate of Victrix Investments LLC purchased the 49-story tower on August 18 from Carew Realty Inc. On the same day, Victrix affiliate Veles Partners dismissed a foreclosure complaint against Carew Realty and its owner Greg Power, who purchased Carew Tower in 2014.
As WCPO previously reported, Victrix Investments is the same company that in January received a tax abatement worth $10.8 million to convert the former Macy’s building to apartments at 7 West Seventh Street.
The Carew Tower sale comes six days after the companies filed documents with the county indicating how each would pay for $1.4 million in past-due water and sewer bills. The documents said Victrix would cover 30% of the cost when it acquired the office and retail portions of the building, while Power would retain 70% that liability as part of his continued ownership of Cincinnati Netherland Hotel LLC.
The $18 million sale price is $1.5 million less than the auditor’s appraised value for the property. But it’s exactly what Carew Realty said the property was worth in March, when it asked the Hamilton County Auditor to reduce its taxable valuation based on its “increasing vacancy and decreased rental value.”
