A longtime riverfront landmark just got a new landlord. The Jeffersonian, a 30-story apartment tower on Detroit’s Gold Coast, was sold out of foreclosure at a discount this week, stirring fresh worries about overdue repairs and basic tenant protections. The deal moves the building out of lender control but leaves residents guessing what, if anything, the new owner will actually fix.
According to Crain’s Detroit Business, the property emerged from foreclosure this month for less than it last sold for, a sign of how much value the market believes has slipped. Crain’s coverage placed the Jeffersonian squarely in a growing cluster of distressed or discounted sales involving older multifamily buildings around the region.
The Jeffersonian opened in 1965 and rises 30 stories at 9000 East Jefferson Avenue, with roughly 410 apartments spread across several acres along the riverfront, according to The Skyscraper Center. Its height and waterfront perch have long made it one of the most visible residential anchors on the city’s Gold Coast…