NEW YORK CITY-A Midtown South property on a well-located corner is about to go on the auction block. On Aug. 28th, 251 Park Ave. South, a 16-story prewar commercial prewar property in the Flatiron neighborhood, at the northeast corner of 20th Street, will be sold at public auction by order of the Supreme Court of the State of New York .
Commercial real estate attorney Joshua Stein, acting as a court-appointed referee, will oversee the sale process. Open to the public, the proceedings will begin at 2:15 p.m. in room 130 of the New York State Supreme Court building, 60 Centre St., in Manhattan.
"This is a rare opportunity to purchase a property at auction in a prime Manhattan location, a few doors west of Gramercy Park,” says Stein in an announcement of the sale.
Built in 1909, the commercial property was once a distribution center for woolens for the menswear industry. Now 70% vacant, it offers interior space with a wide-open loft feel, hardwood floors, walls of windows, and a minimum of columns.
The structure is fully built on a 90-foot by 69-foot lot and offers stunning views in three directions, including over Gramercy Park, from its upper floors. The ceiling heights are at least 12 feet throughout, significantly higher on the top floors, with ample natural light throughout the building. The lobby has been renovated. The building has two passenger elevators, two freight elevators, and a basement with substantial space for mechanical upgrades, storage, and other uses.
Stein has set up a due diligence website with property information for prospective bidders. Confidentiality agreements and instructions for the website can be obtained here.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
