SOLD: Mid-Rise Apartment Building (Under Construction) Brooklyn, NY

Bid Deadline: May 4, 2016
Auction Date: May 5, 2016
Minimum Bid: $13,490,000
Bidders will need to qualify to participate in the auction.
Court Approved Bid Procedures are available in Property Highlights section and on Property page.

Situation Overview

Keen-Summit Capital Partners LLC has been retained by Yann Geron, the Chapter 11 Trustee of Midwood Gardens LLC, as his exclusive real estate advisor for marketing for overbid the existing stalking-horse contract on the partially developed multifamily building at 1535-1543 E 19th Street, Brooklyn, NY 11230. Prospects are being offered the opportunity to submit a higher and better offer using the Trustee’s form contract. Sale of the property is subject to approval by the Bankruptcy Court.

Area Overview

The property is located in the Midwood neighborhood of Brooklyn, approximately halfway between Prospect Park and Coney Island. Midwood is surrounded by: Midwood Manor to the west (Ocean Parkway), Homecrest and Madison to the south (Avenue P / Kings Highway), Brooklyn College campus to the north (Avenue I), Marine Park and Flatlands to the East (Nostrand Avenue).

Midwood's shopping districts lay along its major avenues Ocean Avenue, Coney Island Avenue, Nostrand Avenue, Avenue P, and Kings Highway. Along with providing a great variety of shops, restaurants, and recreation, the avenues also serve as direct routes to the Belt Parkway and Downtown Brooklyn.

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Property Highlights

 

Building Details:
8-Story Multi-family building; ~74,400 sf on 11,773 sf of land
50 Residential Units:

  • 11 One-bedroom/One-bath
  • 1 One-bedroom/One-bath with study
  • 37 Two-bedroom/Two-bath
  • 1 Two-bedroom/One-bath

Planned Amenities:

  • On-site garage parking
  • 4,334 sf community space
  • In-unit washer/dryer
  • Planned rooftop garden
  • Balcony in every unit
  • Elevator

Public Transportation:

  • Subway: B & Q Lines (Kings Highway)
  • Bus: B2, BM3 (Express), B7, B31, B49, B82 and B100

Case Documents:

Court Approved Bid Procedures

Midwood Gardens – Stalking-Horse Bid

Form Sale Agreement Prospective Bidders

Midwood Gardens – Property Inspection Waiver and Release

Contact:

Christopher Mahoney
(646) 381-9205

Heather Milazzo
(646) 381-9207