NORTHBROOK, Ill., Feb. 20, 2024 /PRNewswire/ — Hilco Real Estate, LLC, announces March 13, 2024, and May 2*, 2024, as the respective bid deadlines for the Chapter 11 bankruptcy sales of two mixed-use developments in the greater New York City MSA. Both properties have fully approved plans in strong growth corridors.
The development located at 4452 Broadway is an expansive corner lot at the border of Hudson Heights and Fort George in northern Manhattan. Approximately 50% complete, this seven-story building was recently appraised for $56,000,000. Rough electric, fire, plumbing and HVAC have all been started. The plans for the completed building will feature 129 residential rental units, 65 parking spaces in an on-site garage and two commercial spaces on the ground floor. Future residents will also have convenient commutes down to the heart of the city with an on-site 1 Train stop and an A Train stop only two blocks away. As an added incentive for potential buyers, a 35-year tax abatement is available upon completion of construction.
Hudson Heights, located in the Washington Heights/Inwood area, has the highest elevation on the island of Manhattan, giving residents picturesque views of the Hudson River. With lower costs of living and a dedication to green spaces, the area promotes a quality of life hard to find elsewhere in the city. Hudson Heights sits sandwiched between Bennet Park to the south, with stunning views of the George Washington Bridge, and Fort Tryon Park to the north, home to the Metropolitan Museum of Art’s medieval art collection housed in The Cloisters. A diverse, growing population contributes to a wide variety of restaurants and trendy nightlife.
The second property, situated at 500 Summit Avenue, was recently appraised as-is for $108,000,000 and sits in Jersey City’s thriving Journal Square. This 0.8-acre land parcel has flexible zoning, allowing for residential, retail, office or hotel uses, as well as garage parking. The proposed fully approved plans allow for up to 42 stories and 916,000± SF to be developed. The site’s natural elevation will allow for scenic Manhattan views from most of the finished tower. In addition to on-site parking, the property has excellent access to public transportation, as it is within walking distance to the Journal Square PATH station. The PATH (Port Authority Trans-Hudson) train connects Jersey City to Midtown Manhattan with a quick, 20-minute train ride.
Jersey City itself is experiencing a renaissance, with several other developments also cropping up across the city in the past year, including one a few blocks away at 622 Summit Ave. Second only to Newark in the state of New Jersey, Jersey City’s climbing population, up 9.33% from 2020 to 2021, has driven this growth and the continued need for housing opportunities.
Both properties are within the New York MSA and benefit from proximity to New York City’s vibrant culture and economy. After a decade of growth and targeted investments, the city is now the world’s second-largest technology hub, thanks to the arrival of tech giants like Apple, Google and Facebook. Accompanying these tech developments, the New York City population saw a 4.25% increase between 2020 and 2021 despite the COVID-19 pandemic. As economic growth remains strong, the population continues to expand along with the area’s appetite for new housing options.
Jeff Azuse, executive vice president at Hilco Real Estate, states, “Considering the city of New York continues to grow and invest in its own welfare, the bankruptcy sales of these two properties present an outstanding opportunity for an astute investor to stake their claims in areas that are poised for growth. Being able to purchase these fully entitled properties allows the potential buyers more of their resources to develop each of the projects without having to go through the entitlement process.”
The sale of 4452 Broadway is being conducted by Order of the U.S. Bankruptcy Court District of the Southern District of New York (Manhattan), Bankruptcy Petition No. 1:23-bk-11832, In re: 4452 BROADWAY MAZAL LLC. Bids must be received on or before the deadline of March 13 at 5 p.m. (ET) and must be submitted on the Purchase and Sale Agreement available for review and download from Hilco Real Estate’s website. The sale of 500 Summit Avenue is being conducted by Order of the U.S. Bankruptcy Court District of the Southern District of New York (Manhattan), Bankruptcy Petition No. 1:23-bk-11831, In re: 500 SUMMIT MAZAL LLC. Bids must be received on or before the deadline of May 2* at 5 p.m. (ET) and must be submitted on the Purchase and Sale Agreement available for review and download from Hilco Real Estate’s website.
Interested buyers should review the requirements in order to participate in the bankruptcy sale process available on Hilco Real Estate’s website. For further information, please contact Jamie Coté at (847) 418-2187 or [email protected] or Jonathan Cuticelli at (203) 561-8737 or [email protected].
For further information on the property, sale process, and terms or to obtain access to due diligence documents, please visit HilcoRealEstate.com or call (855) 755-2300.
About Hilco Real Estate
Hilco Real Estate (“HRE”), a Hilco Global company (HilcoGlobal.com), is headquartered in Northbrook, Illinois (USA). HRE is a national provider of strategic real estate disposition services. Acting as an agent or principal, HRE uses its experience to advise and execute strategies to assist clients in deriving the maximum value from their real estate assets. By leveraging multi-faceted sales strategies and techniques, aggressive repositioning and restructuring experience, a vast and motivated network of buyers and sellers, and substantial access to capital, HRE exceeds expectations even in the most complex transactions.
*These bid deadlines are subject to approval by the U.S. Bankruptcy Court. Contact Hilco Real Estate for more information.
SOURCE Hilco Real Estate
