April 14, 2010 – MARLBOROUGH — Corbin Plaza, a vacant four-story building on Pleasant Street, is scheduled to be auctioned off again this afternoon. Sudarshan Chatterjee of North Andover bought the building at an auction in December 2008. JJManning Auctioneers of Yarmouth Port plans to hold today’s auction at 2 p.m. at Corbin Plaza, 110-118 Pleasant St.
Chatterjee hired JJManning to sell the property at auction, said Justin Manning, company president and CFO. Manning said he believes that Chatterjee, the owner of a number of properties, is looking to free up cash for other investments.
“Our firm handles a lot of voluntary sales on behalf of ownership,” Manning said.
The 24,000 square-foot building is vacant, according to JJManning’s Web site. But Chatterjee oversaw a number of improvements, such as replacing all the windows and vinyl siding, which Manning estimates cost more than $100,000.
“The city is very anxious to get someone to continue with the progress that was happening there,” he said. “They want to get (the building) up and running.”
The city wanted property construction to begin by January 2011 and finish within two years, according to the terms of sale at the 2008 auction.
Building Commissioner Stephen Reid believes construction had not officially started because Chatterjee never submitted plans for a site plan permit or building permit, Mayor Nancy Stevens said in a letter to JJManning. As a result, a new owner has until January 2011 to start new construction.
The city decided to sell Corbin Plaza at auction after foreclosing on the property earlier in 2008. The former landlord, Richard Bland, owed about $790,000 in taxes, interest and penalties at the time of the auction.
Chatterjee beat out about 15 bidders with a $310,000 bid.
The city had outlined preferred uses, such as a neighborhood grocery store and a combination of retail and office space.
Chatterjee could not be reached for comment yesterday. After the 2008 auction, Chatterjee, a doctor, said he planned to open medical offices in the building. His wife planned to open a spa there.
(Paul Crocetti can be reached at 508-490-7453 or firstname.lastname@example.org.)
This story originally appeared here