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jeffconn

Wainwright Bldg to be Foreclosed

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Pair lose ownership of downtown Norfolk building

http://hamptonroads.com/2012/04/pair-lose-ownership-downtown-norfolk-building

http://hamptonroads.com/2012/04/wainwright-owner-charged-federal-tax-fraud-case

http://hamptonroads.com/2012/04/norfolk-developer-pleads-guilty-49m-bank-fraud

To summarize the last few days of articles on these jokers, Menden and Hranowskyj fleeced investors and the government of millions of dollars, claiming to rehab historic properties such as the James Madison Motel on Granby, and the Mercer Apartments in Ghent, but never used the money for those purposes. They were a major cause of the collapse of the Bank of the Commonwealth. They lost control of the Wainwright Building to the investor group that holds the mortgage note, who will foreclose on the property, and in turn, convert the Wainwright into apartments.

Not sure how this will affect the businesses that occupy those buildings. The Norfolk Grille and our own Telmnstr's 757 Hackerlab occupy the Wainwright. There is a flower shop and college bookstore in the James Madison Motel.

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Menden and Hranowskyj have been property owners and developers for more than 10 years. Their company, Norfolk Property Development, has offices in the Wainwright building. Federal agents raided those offices in August.

Norfolk Property Development is quite possibly the shadiest operation I have ever dealt with in my life. When I was apartment-hunting last summer, I set up an appointment to check out a place on Colonial, across from the Harris Teeter. The morning of, they never showed up. When I called to ask what happened, the office manager never realized an appointment was made, but agreed to meet me in about 10 minutes before realizing the apartment in question was being renovated. I was annoyed, but agreed to meet the following week.

The next week comes, and no one shows up. When I called the office, no one answered, nor did they return my voicemail.

They deserve to go up the river.

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FYI.... Reconstruction has began (a few days ago). All of the businesses that were on the first floor are gone and they seem to be doing a lot on the southside of the building.

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I love the view of downtown Norfolk looking "North" on the landing page compass. Would love to have one of those units...

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You too can rent a shoebox in the Wainwright. $900 a month for 400 square feet. Probably the same price point as the people pay in the Wachovia tower (Wells Fargo building.)

 

BTW. The Wainwright had a hot tub on the roof.

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That's insane. 400 sq ft...that's not even a studio apartment! You can get a decent 2 BR in Ghent for the same price, and have the same nightlife and amenities within walking distance.

 

I thought the Wachovia/Wells Fargo rent was closer to $1500?

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Sorry I ment price per square foot a year, which is the way commercial propery is priced. At $900/month for 400 square feet, that's 900 * 12 / 400 = $27/sqft a year. That's class A swanky office price rent levels.

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Looks pretty decent. I'd love to check one out in person when they are all finished. Do you know if the restaurant/grill will remain on the first floor?

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I had an alumni event on the roof the other week and the views are amazing from up there. I love Buddy's vision for bringing a taste of New York City to Norfolk. Get ready to see some good things through his upcoming projects!

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