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Norwich – Downtown property owner Janny Lam avoided a tax foreclosure auction on the LeRou building on Monday, selling the property to a New York firm for $820,000.
According to property transaction documents filed Monday in the city clerk’s office, Lam’s Boswell Properties LLC sold the LeRou Building at 287-291 Main St. to CT Monte Oro LLC of College Point, NY. The firm obtained a mortgage for $574,000 fro Velocity Commercial Capital LLC of California.
Back property taxes totaling 452,294.35 were paid, along with the January installment of the $8,785.51 also was paid, city Tax Collector Katherine Daley said. City attorneys also withdrew the court foreclosure action.
The tax foreclosure auction had been scheduled for Feb. 8. The building, which includes a restaurant, a Laundromat and occupied apartments on the upper stories, had been appraised for $632,500 by a court-ordered appraisal.