Cincinnati's iconic Carew Tower sold for $18M after months of delays
CORRECTION: The Carew Tower and attached hotel, now called the Hilton Cincinnati Netherland Plaza, were built together at a cost of more than $30 million, not the office tower alone.
After months of delays, Downtown's landmark Carew Tower has been sold.
Greg Power, who owns the iconic 49-story office-and-retail tower at 441 Vine St., first told a bankruptcy judge in March that he had entered into a purchase-and-sale agreement with a new owner that would resolve all the issues in the foreclosure lawsuit filed against him and his company, Carew Realty Inc., in October 2021, The Enquirer reported.
Who bought Carew Tower Cincinnati?
The sale of the office tower was originally set to close in April, but Power asked Hamilton County Common Pleas Court Judge Tom Heekin to extend the deadline for responding to a foreclosure lawsuit more than a half dozen times, including his last request for an extension through Aug. 15.
The property finally sold on Aug. 18 for $18 million to an affiliate of New York-based Veles Partners LLC, according to Hamilton County property records.
What's next for Carew Tower?
It's not clear what's next for the tower, which was once the tallest building west of the Alleghenies. Veles officials could not be reached for comment.
Workers began construction of the Carew Tower and the old Netherland Plaza Hotel, which is connected to the office tower, just before the Great Depression and completed it in 1930 at a cost of more than $30 million − more than $500 million in today's dollars.
The hotel, also owned by Power and now called the Hilton Cincinnati Netherland Plaza, was not part of the foreclosure filing or sale.
It was celebrated for its art deco architecture, and it was added to the register of National Historic Landmarks in 1994.
In 2010, Carew Tower was displaced as the city's tallest building by Great American Tower at Queen City Square, which has eight fewer floors but is 86 feet taller than the 574-foot Carew Tower, thanks to its spire.
Power, who acquired the building in 2014, could not be reached for comment.
This article originally appeared on Cincinnati Enquirer: Carew Tower in Cincinnati sold
