Quartier 206 is in a great location, between Friedrichstrasse and Gendarmenmarkt. And yet it is currently a risky property. Although the district court does not want to make a decision until this week, only two bids were submitted for the compulsory auction on Friday: one for 39 million, the other for 40 million. With a market value of 187 million. Investors are threatened with huge losses.
The facility has been under compulsory administration since 2011 and has been largely empty since 2017. The building, with its decorative, jagged bay window façade, the sweeping staircase leading to the basement, and the many nouveau riche-looking details, designed by the New York offices IM Pei, Cobb, Freed & Partners, was a symbol of Berlin’s claim to also want to be a luxury capital when it opened in 1997. But the image only worked for a few years.
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