Buffalo's tallest building went up for auction Thursday. One Seneca Tower sold for $28 million after a bidding session in the building's auditorium.
The winner was LNR, which currently holds the mortgage on the building.
A Supreme Court Justice approved a foreclosure order for the tower earlier this year and appointed Buffalo real estate and assessment attorney Peter Weinmann as the auction's referee.
A report in the Buffalo News highlighting Weinmann's assessment of the tower, underground garage and stand-alone parking ramp reveals previous owners failed to pay more than $91 million in mortgage.
Weinmann appraised the tower at $15 million.
One Seneca Tower has 38 floors and is more than 850,000-square feet, but has been mostly vacant since HSBC left in 2013, pulling its well-known logo off the top.
At one time, the tower was worth almost $100 million.
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