NEW YORK CITY-The 16-story office building 251 Park Ave. South here will be sold via auction on August 28 by order of the New York State Supreme Court.
The auction to be administered by commercial real estate attorney Joshua Stein will be held in room 130 at the State Supreme Court building at 60 Centre St. beginning at 2:15 p.m.
The building, built in 1909 is approximately 70% vacant. The building at one time was a distribution center for woolens for the menswear industry. A premier fabric design firm occupies the top three floors of 251 Park Avenue South and Sovereign Bank occupies the ground floor retail space.
“This is an excellent opportunity for a creative developer to acquire what is now an underutilized property in the center of one of the most vibrant districts in Manhattan,” Stein says. “It is close to public transportation, half a block from Gramercy Park, and right in the middle of one of the hottest office, hotel, and condo submarkets in the city. Every indication I've seen suggests that there will be substantial interest in this auction sale."
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
