GA Keen Realty Advisors, LLC, a subsidiary of Great American Group, LLC (OTCBB: GAMR), a leading provider of asset disposition, valuation, real estate and appraisal services, has announced that the sale of the former home to H&H Bagels, located at 639 West 46th Street in New York City closed on February 2, 2012 at the price of $11 million.
Yann Geron, the Chapter 7 Trustee for Third Toro Family Limited Partnership, the owner of the property, hired GA Keen to solicit and negotiate the stalking horse contract and market the property for higher and better offers. On November 14, 2011, Mr. Geron filed with the bankruptcy court a stalking horse contract to sell the property for $10 million and bidding procedures were approved pursuant to a court order on December 1, 2011. The procedures called for higher and better offers to be presented no later than December 30, 2011, with an auction to be held on January 4, 2012.
"As we expected, there was a lot of interest in the property," said Matthew Bordwin, Co-President of GA Keen Realty Advisors. "The minimum bid was set at $10.4 million, but because it was 25,000 square feet of prime real estate in Midtown, we anticipated there would be some strong competition to purchase the property. It's going to provide the buyer with an excellent redevelopment opportunity in the Midtown West section of the city."
The property sold is a two-story building, with each story offering 12,500 square feet of space, which had been previously used to house H&H Bagels' manufacturing plant and retail store. Located on a 0.29 acre site by the West Side Highway near the Intrepid Sea, Air and Space Museum, the property is zoned for commercial, manufacturing or industrial use.
GA Keen Realty Advisors provides real estate analysis, valuation and strategic planning services, brokerage, M&A, auction services, lease restructuring services and real estate capital market services.
For more information, contact GA Keen Realty Advisors at (646) 381-9222.
About Great American Group
Great American Group, LLC is a leading provider of asset disposition solutions and valuation and appraisal services to a wide range of retail, wholesale and industrial clients, as well as lenders, capital providers, private equity investors and professional service firms. Great American Group has offices in Atlanta, Boston, Chicago, Dallas, London, Los Angeles, New York and San Francisco. For more information, contact (818) 884-3737 or visit www.greatamerican.com.
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Contacts:
Media Contacts:
Great American Group
Laura Drummond,
Vice President of Marketing
847-444-1400 ext. 2312
ldrummond@greatamerican.com
or
Ron
Whittington
Mulberry Marketing Communications, Sr. Acct. Exec.
904-355-8680
rwhittington@mulberrymc.com
