Vacant office building in Detroit's financial district sells for more than $3 million

Posted on November 15, 2018

An office building at 610 W. Congress St. that’s sat vacant for the past few years sold for more than $3 million to an investor aiming to fill it within the next half year.

Anmar Sarafa, founder and president of Bloomfield Hills-based Steward Capital Management, bought the 26,000-square-foot building in Detroit’s financial district last week, said Steven Silverman, senior vice president of investment and advisory services at Farmington Hills-based Friedman Integrated Real Estate Solutions LLC, which brokered the deal.

The two-story building was once home to RR Donnelley & Sons Co. before being sold by the Detroit Legal News Co. in 2015, Crain’s reported then. It was listed for $1.75 million then and sold to Congress Real Estate Ventures LLC, whose principals are Patrick Rugiero, manager of the Roman Village Inc. restaurant in Dearborn and Antonio’s Cucina Italiana Inc. restaurants in metro Detroit, and Dominic Siwik, a financial adviser with First American Securities Inc.

Congress Real Estate sold the building for close to double the purchase price — the buyer paid more than the $3 million auction reserve. The specific purchase figure was not disclosed.

Silverman said the interior and exterior of the building are in good condition and there are no immediate plans to invest money in renovations. That could change depending on the needs of potential tenants.

The building, which sits across from the Cobo Center rooftop parking ramp, is being marketed as a single-tenant office space, with a leaseable basement and 25-space parking lot, Silverman said. He said the new owner aims to fill the building in the next three to six months.