NORTHBROOK, Ill., Sept. 6, 2023 /PRNewswire/ — Hilco Real Estate, LLC, announces September 27, 2023, as the qualified bid deadline for the Chapter 11 bankruptcy sale of this 15-story high-rise hotel in New York, New York. Situated at 442 W 36th Street, this hotel presents a rare chance for investors to acquire a prime asset in one of the most sought-after locations in the city.
This sale offers investors an opportunity to acquire an unflagged, non-union core asset. Built in 1999, the 56-room hotel has a newly renovated lobby and a diverse spread of rooms, perfect for business and leisure travelers. With attractive assumable financing available at just 5.2%, the remaining 72-month term represents a cash-equivalent savings of $2.2 million.
Nestled in the heart of Manhattan, the property has incredible proximity to major demand generators, including Hudson Yards, Madison Square Garden, Times Square, the Javits Center, the Empire State Building and more. Additionally, guests of the hotel have access to major transit in the form of Penn Station, the Lincoln Tunnel, multiple Metro stations and the NYC Ferry. The hotel’s prime location presents immense potential for repositioning and capitalizing on the vibrant hospitality market in Manhattan.
This sale is being conducted by Order of the U.S. Bankruptcy Court District of Eastern New York, Bankruptcy Petition No. 22-bk-40563 (JMM), In re: 36th Street Property, Inc. and is subject to court approval. Qualified bids must be received on or before the deadline of September 27, 2023 at 5:00 p.m. (ET) and submitted on the approved Purchase and Sale Agreement in compliance with the terms of sale available for review and download from Hilco Real Estate’s website.
Jeff Azuse, executive vice president at Hilco Real Estate, states, “Considering that Hudson Yards sits within one of the highest real estate valued zip codes in the country, the bankruptcy sale of the Hudson River Hotel is a rare opportunity for a savvy investor to reimagine this property and capitalize on its prime location. In addition to Hudson Yards, there are several new projects on the same block as the property that adds to the long-term viability of the property.”
Interested buyers should review the requirements in order to participate in the bankruptcy sale process available on Hilco Real Estate’s website. For further information, please contact Jamie Coté at (847) 418-2187 or [email protected] or Jonathan Cuticelli at (203) 561-8737 or [email protected].
For further information on the property, sale process, and terms or to obtain access to due diligence documents, please visit HilcoRealEstate.com or call (855) 755-2300.
About Hilco Real Estate
Hilco Real Estate (“HRE”), a Hilco Global company (HilcoGlobal.com), is headquartered in Northbrook, Illinois (USA). HRE is a national provider of strategic real estate disposition services. Acting as an agent or principal, HRE uses its experience to advise and execute strategies to assist clients in deriving the maximum value from their real estate assets. By leveraging multi-faceted sales strategies and techniques, aggressive repositioning and restructuring experience, a vast and motivated network of buyers and sellers, and substantial access to capital, HRE exceeds expectations even in the most complex transactions.
SOURCE Hilco Real Estate
Originally published at https://www.prnewswire.com/news-releases/hilco-real-estate-announces-the-bankruptcy-sale-of-56-room-hotel-in-midtown-manhattan-301919706.html
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