Auction of development delayed second time, to January
The auction of a troubled residential development in North Cambridge has been delayed a second time, to Jan. 27, according to auctioneers Daniel J. Flynn & Co. Inc., instead of taking place today at 11 a.m.
The foreclosure sale of “Cambridge Crossing,” a 2.2-acre, L-shaped site with three buildings at 120 Rindge Ave. and 45-47 Yerxa Road, was originally delayed by almost two months from Sept. 15. When the auction takes place next year, according to the Quincy-based auctioneer, it will still be at the site, a former Roman Catholic school and convent with three buildings, one of which holds tenants, for a potential total of 63 units.
“It’s not abnormal for that to happen,” a Flynn worker said, in reference to a second delay for an auction.
Flynn president Paul Talkowski was at another auction and couldn’t be reached immediately. After the first delay, though, he said he hadn’t been told the cause.
“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. It is the bank, through Boston attorneys Murtha Cullina LLP, holding the auction.
Perroncello, of Boston, is due in court Nov. 16 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 his contractors.
Perroncello can avoid a trial altogether in at Middlesex District Court if city inspectors agree he has cleaned his North Cambridge construction site adequately. Neighbors and area watchdogs have been complaining for some six years about its cleanliness, as well as when and how his contractors have done their work.