Chamber of Commerce Building sells for $1.4M at sheriff’s sale

PITTSBURGH — The 1900-built Chamber of Commerce Building, a redbrick office tower at 411 Seventh Ave. that reaches 16 stories and takes up much of a block, did not generate any outside bids when it came up for the monthly sheriff’s sale on Monday, November 2.

Instead, the plaintiff and loan holder for the building, a commercial mortgage-backed securities trust organized by an affiliate of Goldman Sachs (NYSE: GS), made an opening bid of $1.4 million on the property.

There were no other competing bids, allowing the lender to take over as the new owner after its previous owner, 411 Seventh Avenue Associates LP, faced foreclosure.

That $1.4 million offer was called an “overbid” during the auction and was a comparatively high amount amid a sheriff’s sale process mostly for the selling of single-family homes in often depressed communities. But the formal auction process of the Chamber of Commerce building shows how low a relatively significant downtown building can go in its devaluation.

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