Ten people gathered for the auction of 427 Warren Street this afternoon, but only two were there to bid on the building: Nick Haddad, who was there with his son Henry, and Stephen Matic, who appears seated in the last row in the picture below.
Matic opened the bidding with the minimum bid of $300,000. Haddad responded by bidding $305,000. The back and forth bidding continued, increasing by increments of $5,000 and $10,000 until it reached $425,000, offered by Matic. After consulting with his son, Haddad bid $430,000, but when Matic bid $435,000, Haddad declared, "I'm out."
Matic is a real estate investor and developer who currently has properties in Athens and in the Berkshires. His plans for the former police station are not known, but the terms of the sale indicate that the building must be developed for a commercial use.
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