200 Pier Avenue consists of 53 office condos ranging in size from 303-454 sqft. Total square footage is 18,007. Construction began in 2005 and was almost completed in 2009. As a result of a changing economy and the correction in real estate values, 200 Pier quickly became a distressed asset. The construction lender ‘Vinyard Bank’ was de-traded from the Nasdaq and ended up being bought by California Bank and Trust (CBT) through the FDIC for pennies on the dollar. The developer filed for chapter 11 bankruptcy and was unable to keep the asset. 200 Pier cost approximately $30M to develop and CBT ended up taking it back as an REO and sold it for approximately $8.25M.
