Hilco Real Estate, LLC has announced the bid deadlines for two mixed-use developments in the greater New York City MSA that are undergoing Chapter 11 bankruptcy sales. The first property, located at 4452 Broadway on the border of Hudson Heights and Fort George in northern Manhattan, boasts a partially completed seven-story building with plans for 129 residential rental units, parking spaces and commercial spaces. This property was recently appraised at $56 million and offers a generous tax abatement of 35 years upon completion.
The second property is situated at 500 Summit Avenue in Jersey City’s Journal Square area. It spans over an expansive land parcel measuring approximately .8 acres with plans to construct a towering forty-two story building that can be used for various purposes such as residential living quarters or retail shops among others due to its flexible zoning regulations. With an appraisal value of $108 million this location also provides stunning views of Manhattan along with convenient access to public transportation.
Bid submissions are required by March13th2024forthepropertyat4452BroadwayandbyMay2nd2024fortheoneat500SummitAvenue.
