By JAMES FINK
jfink@bizjournals.com | 716-541-1611

Another real estate holding in Bashar Issa's portfolio is about to change hands.

Reports from Manchester, England, indicate that the court-appointed administrators of his British development company will sell the partially finished, 22-story Sarah Tower to an unnamed buyer. No terms were listed until the sale is completed, according to KPMG administrators overseeing the disposition of Issa's assets.

The pending sale was listed in a progress report that the administrators, Brian Green and David Costley-Wood, submitted to the Manchester City Council.

"The joint administrators have exchanged contracts to sell the property, subject to a successful planning application to amend the original planning permission granted by Manchester City Council," the report stated. "We hope to be able to report positively upon the completion of the property sale within our next report to creditors."

Sarah Tower was one of three projects Issa was attempting to develop in Manchester. Work stopped on all three as he faced legal and financial problems.

Many of those same financial problems crossed the Atlantic Ocean and ended up in Buffalo, where Issa failed to complete his $100 million renovation of Statler Towers. The Buffalo landmark has been tentatively sold to a partnership led by Mark Croce and James Eagan for $200,000, plus $500,000 in back taxes. Croce and Eagan are expected to close on the deal in the fall.

Issa borrowed nearly $26.25 million for the Sarah Tower project from the Bank of Ireland and has collectively borrowed almost $93 million for his various Manchester developments. He allegedly filed for personal bankruptcy in England last year after owing various banks nearly $100 million.

Issa has not been seen in Buffalo for almost three years.