posted on March 17, 2014 09:09
Thomas Grillo, Real Estate Editor - Boston Business Journal
A foreclosure auction has been rescheduled for the adjoining buildings housing the Daisy Buchanan’s bar and the former Ciao Bello restaurant in Boston's Back Bay.
An auction was initially set for March 6, but the sale was postponed. Daniel P. McLaughlin & Co. has re-scheduled the on-site auction for Friday, March 28, at 10 a.m.
The properties' formal addresses are 39-41 Fairfield St. and 240A Newbury St. The adjoining properties are assessed at $3.25 million.
Joseph P. Cimino borrowed $7.6 million from the U.S. Alliance Federal Credit Union to acquire the two properties as well as two other units at 220 Boylston St. in Boston in 2007, according to records at the Suffolk County Registry of Deeds.
Cimino’s attorney, Stephen Miller, at McDermott, Quilty & Miller LLP in Boston, could not be reached for comment. In a previous interview with the Business Journal, Miller said his client is having a dispute with the bank that is expected to be resolved with a refinancing. He predicted the auction will not happen.
A U.S. Alliance Federal Credit Union spokeswoman declined comment.
In December, Daisy Buchanan’s had its license suspended for four days after police found employees serving alcohol to minors in September, the fourth time it has received a violation in the past three years, officials said.