Auction of North Cambridge development delayed for nearly two months
The auction of a troubled residential development in North Cambridge is being delayed by almost two months, according to auctioneers Daniel J. Flynn & Co. Inc.
“It happens,” said a worker Monday at Flynn, which is based in Quincy.
Paul Talkowski, president of the company, didn’t have much more detail why the foreclosure event set for Wednesday was instead to be held Nov. 3 at 11 a.m. — still at the site of the combined property at Rindge Avenue and Yerxa Road.
“They didn’t tell us specifically,” Talkowski said. “It might be something internal from the mortgagee. I don’t think it was anything on the debtor’s end.”
Webster Bank holds the mortgage for the debtor, developer Joseph Perroncello.
Area residents, including neighbors of the site who have been complaining of insensitive construction and illegal activities there, have been worrying Perroncello would try to game the system at an auction to buy back his own property at low cost and without tax obligations and other debts.
Perroncello, of Boston, is due in court Oct. 21 for a jury trial on a charge of failing to clean the site, but has been acting as his own lawyer since June and, in addition to back taxes in Cambridge and Boston and the $15 million in mortgage troubles with Webster Bank, owes money to the contractors who have been working on the site for about six years.
It is Webster Bank, through Boston attorneys Murtha Cullina LLP, holding the auction. A message seeking comment was left there Monday with attorney Deirdre Robinson.
The land is at 120 Rindge Ave. and 45-47 Yerxa Road — a 2.2-acre, L-shaped site that includes three buildings from a former Roman Catholic school and convent. One of the three buildings holds tenants, but the auctioneers cite the lots as capable of holding 63 units.