A $150 Million Asking Price For Detroit Parcels . . . Stunning

Three properties on the Detroit Riverfront have been listed for a total of $150 million, 15 times the price the owner paid in 2015 and 2016 when he purchased them. Owner Michael Shaya arrived at the price based on the properties’ “potential,” stating that “The price is commensurate the scale and size that can be built on these properties, which is in the millions of square feet.” Experts are skeptical that he will get his asking price.