I think the real market value is not seen in the auction, as pointed out by the other commenters in this thread, the lender would bid up to $83m or $100m or wha

I think the real market value is not seen in the auction, as pointed out by the other commenters in this thread, the lender would bid up to $83m or $100m or whatever was the outstanding loan amount. There weren't any other legit bidders from 3rd parties who are not the lender bidding $15m or $20m on the building. So if you combine a market value more like $83m to $100m or more with the large amount of labor and materials and time needed to retrofit early-1980s-type office space into condos, the cost per unit could end up being quite a lot. The sort of real estate developers who renovate bare shell space into condos and lofts are probably going to go do the similar idea with an older warehouse/manufacturing building, as has been seen with some commercial-to-residential conversions in Houston in the past 15 years.