SAN JOSE — Two housing towers in downtown San Jose have been bought through a fast-track foreclosure proceeding that points to a hefty drop in the value of the landmark high-rises.

Machine Investment Group, acting through an affiliate, took ownership of the 188 West St. James residential towers through a deed in lieu of foreclosure, according to documents filed on June 3 at the Santa Clara County Recorder’s Office.

The real estate firm paid $181.9 million for the housing high-rises, an amount that exactly matched the unpaid debt for the property, the county real estate records show.

New York City-based Machine Investment Group’s purchase creates some hope of a turnaround for the troubled housing development at 188 West St. James St. in the vicinity of lively San Pedro Square.

Machine

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