By Roland Li

In May, an auction was held at One Hanson Place, a condo conversion that was formerly the Williamsburg Savings Bank. After years on the market, most of the 179 units had been sold by the Corcoran Group and Stribling & Associates. The building’s sponsor, Canyon-Johnson, a California fund, was ready to move on. It was far from a distressed sale – the remaining six units were prime apartments, near the building’s clock tower crown. During the marketing phase, Canyon-Johnson committed to selling two units, regardless of price. As the response increased, they raised it to three, and finally four during the auction. Read more...