US BANKRUPTCY COURT APPROVES THE SALE PROCESS FOR METROPLEX ON THE ATLANTIC 15-STORY, 126-RESIDENCE MULTI-FAMILY BUILDING
Newer construction with oceanfront views and easy access to the beach and boardwalk
NORTHBROOK, Ill., Jan. 19, 2016 (GLOBE NEWSWIRE) — Hilco Real Estate, LLC announces the date of February 16, 2016 as the qualifying bid date for the Metroplex on the Atlantic located in Far Rockaway, Queens, New York. This 15-story building completed in 2008 includes 126 residences with high-end finishes, an 89-space parking garage, and a community common area. The building is located directly on the coast of the Atlantic Ocean along the Rockaway Beach boardwalk and within walking distance to public transit and neighboring parks.
The Far Rockaway community is best known for its miles of sandy beaches and coastlines along the Atlantic Ocean, which attract more than four million beachgoers from the local area and the region each summer. Since Hurricane Sandy, the Federal and local government have been committed to investing and improving the infrastructure of the Rockaways. The NYC Department of Parks and Recreation has invested over $140,000,000 to redevelop and improve the Rockaway Beach Boardwalk.
Jeff Azuse, Senior Vice President for Hilco Real Estate stated, “Metroplex is ideally positioned for multiple potential uses including condos, rentals, senior and assisted living, and much more. The property is vacant, giving the new owner the ability to execute a plan quickly and efficiently, thus maximizing return on investment. Furthermore, as a result of this being a bankruptcy sale, the new owner has the unique opportunity to obtain clean title free and clear of liens and transfer taxes.”
The qualifying bid deadline is February 16, 2016 at 5:00 p.m. EST. To participate in this offering, interested parties should review the due diligence information, bidding procedures and requirements located on the web page (link below), tour the property (a number of inspection dates will be announced), and submit by February 16, 2016 your qualifying bid on the approved Asset Purchase Agreement template, along with a 5% earnest money deposit. You will be notified if your bid qualifies to participate in an auction which is currently scheduled to be held on February 24, 2016.
For more due diligence information and to view the bidding procedures, please visit www.HilcoRealEstate.com/Metroplex or contact a member of our transactional team at 855-755-2300.
About Hilco Real Estate, LLC: Hilco Real Estate, LLC (“HRE”), a Hilco Global company, 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, extensive repositioning and restructuring experience, a vast and motivated network of buyers and sellers, and substantial access to capital, HRE consistently exceeds expectations.
A photo accompanying this release is available at: http://www.globenewswire.com/newsroom/prs/?pkgid=38454
Gary EpsteinHilco GlobalOffice: 847-418-2712Mobile: 847-323-4943Email: