New York & Tri-State + Uptown/Bronx | July 16, 2019

One Bennett Park Site Heads for Bankruptcy Auction

Ariel Property Advisors and Keen-Summit Capital Partners have been retained to conduct a bankruptcy auction of One Bennett Park, a development site in Northern Manhattan’s Hudson Heights. The bid deadline for the one-acre-plus site of undeveloped land is September 19.

Originally intended to bring residential condominiums to the neighborhood, the project has been stalled for more than a decade. Last summer, the property was subject to a UCC foreclosure, but the foreclosure was blocked by the bankruptcy filing of developer Jackson Overlook Corp.

The September 19 bid deadline will be followed by an auction no later than October 10. William Henrich of Getzler Henrich & Associates LLC, the Bankruptcy Court-appointed chief restructuring officer, noted that the 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.”

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).