Office Building For Sale in Bankruptcy Case

Eastern Consolidated of New York City is marketing the property and has set a deadline for the second week of May for those interested in the property to submit offers. Eastern Consolidated's David Schechtman, senior director, and principals Eric Anton and Ronald Solarz are working on the assignment. Schechtman says the firm is looking for "a stalking horse." He explains that after a bidder is selected a notice will go out for any additional offers. If a higher offer is received, the "stalking horse" has the option to beat the offer. Any sale of the property that sits on a .29-acre parcel between Hudson Street and Nepperhan Avenue is subject to bankruptcy court approval.

The property at "45 S. Broadway is in Chapter 11 bankruptcy and will be sold completely unencumbered," Schechtman says. "It's rare to find a free-standing property that is vacant and offers light on all sides and is in such a stellar location, literally across from City Hall in the epicenter of Yonkers commercial district." He adds that he is hoping to attract a contract price of at least $3.5 million to $4 million. He notes that Yonkers is currently in the midst of a massive redevelopment of its downtown and waterfront districts and that 45 S. Broadway is an ideal candidate for retail and commercial development.

Currently there is first mortgage debt totaling approximately $3.2 million with Sterling National Bank and a second mortgage of $800,000 with the City of Yonkers Redevelopment Agency, he says. The property also offers 6,000 sf of retail space. Prior to the vacancy, the building leased space to doctors, engineers, attorneys, financial service companies and management and government agencies. Cingular and T Mobile currently lease roof/antenna space on the roof of the building.