Completely sold: Bankrupt property “Mein Pankow” (73 residential units) Photo: Charles Yunck
By Sara Orlos Fernandes
The insolvency of 56 project companies in the PROJECT real estate group affects more construction properties in Berlin than previously assumed. Nothing is working on 16 construction sites with a total of 917 apartments for the time being.
The Pankow properties “Vive la Rose” at Rosenthaler Weg 50/54 (52 residential units) and “Mein Pankow” at Provinzstrasse 67/68 (73 residential units) are also affected by the bankruptcy. Both are completely sold. Buyers feel betrayed by the developer here.
One affected person told BZ: “Shortly before the bankruptcy came out, we had an inspection appointment and chose the kitchen. I don’t think it wasn’t clear back then,” says the buyer of a four-room apartment in “Vive la Rose”.
She has already transferred 504,000 euros (80 percent of the purchase price). Like you, many here are hoping for the project to be completed.
When asked by BZ, the company did not want to comment on the allegations. There is still a small glimmer of hope: the insolvency administrator is currently negotiating with construction companies about continuing the projects. An initial inventory has been completed.
“In order to clarify whether further construction is possible during insolvency, we have to clarify the current costs for completion in each individual case,” says insolvency administrator Volker Böhm from the law firm Schultze & Braun. Subcontractors for the affected trades are currently being approached.
In some cases, it is also possible to outsource the work to general contractors who will take over the complete completion. Specific negotiations are already underway with some companies. According to Böhm, the aim is to avoid a longer shutdown of the construction sites.