Receiver Sells Martin Selig-Owned Parking Lot in Seattle

The first of seven Seattle parking lots once owned by Martin Selig Real Estate has sold after being placed into receivership.

An affiliate of Seattle-based wealth management company Clarius Group bought a 7,200-square-foot parking lot at 408 1st Avenue West, the Puget Sound Business Journal reported. The Clarius-linked 16 West Harrison LLC, named for the adjacent office building, spent $3.1 million for the lot. The affiliate bought that two-story building in 2010 for $2.5 million; the structure is headed for a head-to-toe remodel.

In February, seven parking lots across the city owned by Martin Selig Real Estate were placed into receivership after the octogenarian’s company racked up $858 million in debt. Selig borrowed $50 million against the properties from Goldman Sachs.

Meanwhile, another 7,200-square-foot lot at 133 1st Avenue North is under contract, according to Joseph Fanelli of J. Fanelli Properties, who was named as receiver to sell the lots. “We are negotiating on the others currently as well,” he told the Business Journal.

Other formerly Selig-owned parking lots in receivership include old garages at 3031 Western Avenue; a 0.66-acre property at 400 4th Avenue West; a 0.4-acre lot at 220 Elliott Avenue West; as well as smaller lots at 115 Queen Anne Avenue North, 133 First Avenue North and 1931 Third Avenue.

Selig listed 400 4th Avenue West last year with Cushman & Wakefield. The site is zoned to allow a multifamily building up to 85 feet tall. The 115 Queen Anne Avenue site houses a vacant single-story office building and an aging three-story, 20-unit apartment building.

Though Selig maintained his spot on the Forbes billionaire list as recently as 2023, the real estate mogul and his firm have been navigating rough financial waters since then.

Last year, Selig requested that nearly $239 million in loans secured by seven Class A and B assets be transferred to a special servicer due to imminent default.

In April, Selig relinquished control of largely vacant assets at 400 Westlake Avenue North and the Federal Reserve Building at 1015 2nd Avenue downtown. This came after the company laid off 86 employees and Selig’s daughter Jordan Selig departed the family business.

Last month, Selig also gave up a full-block development property at 800 Alaskan Way across from the Seattle Ferry Terminal. — Chris Malone Méndez