NEW YORK, NY – July 2, 2019 – It has been over a decade in the making, but after much litigation and controversy, the highly-anticipated resolution of One Bennett Park in Northern Manhattan’s Hudson Heights has finally arrived. Otherwise known as 29 Overlook Terrace, the United States Bankruptcy Court approved the retention of Ariel Property Advisors (“Ariel”) and Keen-Summit Capital Partners LLC (“Keen”) to conduct a public auction of the “Property.” The bid deadline for the 1+ acre site of undeveloped land is September 19, 2019.
One Bennett Park - 29 Overlook Terrace
Last summer, the Property was subject to an Article 9 UCC foreclosure. That foreclosure, however, was blocked by the bankruptcy filing of Jackson Overlook Corp, USBC SDNY Case No. 18-12465 (JLG). Since then, the debtor, the secured lender and the Fort Tryon Jewish Center, whose property adjoins the Property, have worked together on a path that ultimately culminated in the approval by the Bankruptcy Court on June 18, 2019, of a global settlement agreement, auction, bid procedures, and the appointment of Ariel and Keen as the debtor’s real estate advisors.
The September 19 bid deadline will be followed by an auction no later than October 10, 2019. William H. Henrich, of the financial advisory firm Getzler Henrich & Associates LLC, the Bankruptcy Court appointed Chief Restructuring Officer, noted that “the Bankruptcy Court approved sales process resolves a lot of the concerns previously expressed by buyers and will pave the way towards the sale of this unique undeveloped property to an investor/developer to develop this property.”
The future owner of the Property will have the opportunity to build the first residential high-rise in the area. In addition to the R7-2 zoning (3.44 FAR), which will entitle the owner to build a residential development of approximately 145,997 square feet, there is a community facility bonus that increases the buildable square footage up to 275,868 square feet.
Future tenants of the site will benefit from an onsite entrance to the A subway line. Hudson Heights is one of New York City’s fastest-growing neighborhoods, with its mountainous landscape, water views and array of amenities making it a top residential destination in Manhattan. In a recent feature, the New York Times dubbed Hudson Heights a “hidden gem” that is destined to gain in popularity.
The property offers 117’ of frontage along the intersection of Overlook Terrace and West 184th Street, as well as frontage on Ft. Washington Avenue. The Property’s addresses include 29-35 Overlook Terrace, 730-734 West 184th Street, and 524 Fort Washington Avenue (block 2180, lots 62 and part of 63 and 64).
Local amenities and institutions that are within walking distance of the property include Yeshiva University, Bennett Park, and New York Presbyterian Hospital. The site is also near historic Ft. Tryon Park, home of the Cloisters Museum, which is a part of the Metropolitan Museum of Art.
Additionally, the area boasts an exceptional school district (PS 187) and enjoys a bustling retail corridor along West 181st and 187th Street amid a slew of charming shops and eateries. The property provides commuters with easy access to Midtown Manhattan via the A train and is in proximity to the West Side Highway and the George Washington Bridge.
Offering tremendous scale and a centralized, accessible location, One Bennett Park stands out as a premier and limited Northern Manhattan development opportunity.
One Bennett Park - 29 Overlook Terrace
More information is available from the co-exclusive agents for the sale:
Ariel at 212-544-9500: Victor Sozio, ext. 12, email@example.com; Shimon Shkury, ext. 11, firstname.lastname@example.org; Michael A. Tortorici, ext. 13, email@example.com; Matthew L. Gillis, ext. 42, firstname.lastname@example.org; and Mattthew Lev, ext. 5271, email@example.com.
Keen at 646-381-2222: Harold Bordwin, ext.201, firstname.lastname@example.org; Chris Mahoney, ext. 205, email@example.com; Heather Milazzo, ext. 207, firstname.lastname@example.org, and Doug Greenspan, ext. 218, email@example.com.
Ariel Property Advisors is a commercial real estate services and advisory company located in New York City. The company covers all major commercial asset types throughout the NY metropolitan area, while maintaining a very sharp focus on multifamily, mixed-use and development properties. Ariel’s Research Division produces a variety of market reports that are referenced throughout the industry.
For press inquiries, please contact our Public Relations Department at 212.544.9500 ext. 19 or via firstname.lastname@example.org
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The information contained herein has either been given to us by the owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee the accuracy of any information provided herein. As an example, all zoning information, buildable footage estimates and indicated uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example, and does not necessarily relate to actual vacancy, if any. The value of this prospective investment is dependent upon these estimates and assumptions made above, as well as the investment income, the tax bracket, and other factors which your tax advisor and/or legal counsel should evaluate. The prospective buyer should carefully verify each item of income, and all other information contained herein.