Real Estate Crisis: Building Sold For $1! Banks Taking Huge Hits

Hey, it's Dan. Welcome back to I Allegedly. I've got a good one for you today, because real estate's in trouble and I've got great stories for you. I've even got a building that sold for $1. Commercial building, $1. Please like, please subscribe. Make sure you're part of our email list because one's going out imminently. And, uh, let's get right into it. There is a building in Minneapolis called the Lumber Exchange. And Christy Omen purchased this for $1. Now, total price of the building was $20,001 because it was on an auction site and she had to pay the minimum $20,000 auction fee. The building itself had sold for well over $4 million last time, and now is being given away for a buck. A buck to buy a building. Now, you know, the original idea was it's on 1st and 5th Street, it's 400, you know, 56,000 square feet, it's huge, it's this beautiful old building, but we're going to turn into residential units. Now, for those of you that have seen this, just search this on Google, what is the cost to convert an office building into residential units? They did it in New York ...