After months of delay, the downtown landmark Carew Tower has been sold.
Greg Power, who owns the iconic 49-story office and retail tower at 441 Vine Street, told a bankruptcy judge in March that he signed a sale and purchase agreement with a new owner that would settle all matters. I talked about it first. The matter of the foreclosure lawsuit filed against him and his company, Carew Realty Inc., in October 2021, reported The Enquirer.
Power was facing foreclosure for failing to pay a $9.7 million loan and owed hundreds of thousands of dollars in unpaid utility bills, according to court documents.
Who Purchased Carew Tower Cincinnati?
The sale of the office towers was originally scheduled to close in April, but Power asked Hamilton County Court of General Appeals Judge Tom Heekin to extend the deadline for responding to the foreclosure lawsuit six more times. August 15.
The property was eventually sold on August 18 to an affiliate of New York-based Veles Partners LLC for $18 million, according to Hamilton County real estate records.
What next for Carew Tower?
It’s unclear what’s next for the Tower, once the tallest building west of the Allegheny Mountains. Officials at Velez could not be reached for comment.
Workers began construction of the 49-story Carew Tower just before the Great Depression and completed it in 1930 at a cost of over $30 million.
Famous for its Art Deco architecture, it was declared a National Historic Landmark in 1994.
In 2010 Carew Tower was replaced as the tallest building in the city by the Great American Tower in Queen City Square. This he isn’t eight stories tall, but it’s 86 feet taller than the 574-foot Carew Tower thanks to its steeple.
Power, which acquired the building in 2014, could not be reached for comment.