Detroit’s Hotel Yorba under contract to new ownership
A property that The White Stripes made famous with a 2-minute ditty outside of Michigan is under contract with a new owner.
A deal for the Yorba Hotel at 4020 W. Lafayette Blvd. in southwest Detroit near the Ambassador Bridge is still pending according to the property list. Mike Sobh, the RE / MAX Leading Edge sales rep in Dearborn who is putting it up for sale, declined to comment.
“It’s confidential and the seller doesn’t want any information,” he said.
The listing states that the price is $ 3.2 million, although it is not clear if this is the price agreed by the buyer and seller.
A clerk at the hotel at 4020 W. Lafayette Blvd. hung up when a reporter asked to speak to the owner.
The property listing states that the sale is dependent on the seller, who, according to Detroit Property Records, is Gerald Jankowski, who invests the proceeds in a 1031 exchange, which allows the seller to invest the proceeds in another real estate business and defer capital gains taxes. The deal covers both the real estate and the business.
According to Historic Detroit, which traces the buildings and architecture of Detroit, the hotel opened in 1926 after being designed by Detroit architectural firm Pollmar & Ropes for hotelier Samuel Plotkin. It cost less than $ 200,000 to build.
A 2013 article in Curbed Detroit describes it as a building that “has grown into part of the retirement home, part of a temporary destination, and part of probationary probation”. It has about 300 rooms.
Listing says the property is 49,500 square feet and has been on the market since late September. It is also said to cost $ 100,000 to operate annually.
The name of the building was used as the title for a 2001 White Stripes song, the Detroit rock band’s first single, on the album “White Blood Cells”.
It is the latest real estate news for Jack White in Detroit for the last month. In January, the rock star’s former home in Indian Village went up for sale for $ 1.114 million.