B. Riley Financial
Mar 4, 2014

GA Keen Realty Advisors Sells New York City Apartment Building

- GA Keen Realty Advisors generates 30 percent increase over the stalking-horse bid -

NEW YORK--(BUSINESS WIRE)-- GA Keen Realty Advisors, LLC, the real estate division of Great American Group, Inc. (OTCBB: GAMR), sold a 44,333± square-foot, multi-family apartment building in Woodside, Queens. The seller, Strathmore Group, LLC, debtor-in-possession, filed for Chapter 11 bankruptcy in September 2013. The six-story building is located at 37-06 69th St. and includes 54 fully occupied units.

"We are extremely pleased with the outcome of the auction conducted by GA Keen Realty Advisors," said Albert A. Ciardi, III, attorney for Strathmore Group. "Within a month, GA Keen Realty Advisors was able to generate a great deal of interest from qualified investors. They managed the process flawlessly and helped the bankruptcy estate achieve the highest and best value for the property."

In January, Strathmore Group presented a stalking horse contract to the Bankruptcy Court for approval. Pursuant to the stalking horse contract, the buyer, Bliss Street, LLC, was to purchase the property for $8 million. GA Keen Realty Advisors was engaged in January to market the stalking horse contract for overbids. As of the Feb. 25 bid deadline, their efforts generated six qualified overbids.

At a spirited auction on Wednesday, Feb. 26, conducted by Matthew Bordwin, Co-President of GA Keen Realty Advisors, Bliss Street was declared the winning bidder at a price of $10.45 million, thirty percent more than its stalking horse contract price, or $2.45 million. On Thursday, Feb. 27, the United States Bankruptcy Court for the Eastern District of New York approved the sale. The closing is expected to occur in March.

For more information about the property, call 646-381-9222 or email Harold Bordwin or Matthew Bordwin at hbordwin@greatamerican.com or mbordwin@greatamerican.com, respectively.

About GA Keen Realty Advisors, LLC

GA Keen Realty Advisors, located in New York, provides real estate analysis, valuation and strategic planning services, brokerage, M&A, auction services, lease restructuring services and real estate capital market services. For more information about GA Keen Realty Advisors, call (646) 381-9222 or visit http://www.greatamerican.com/keen.

About Great American Group, Inc. (OTCBB: GAMR)

Great American Group is a leading provider of asset disposition and auction solutions, advisory and valuation services, capital investment, and real estate advisory services for an extensive array of companies. A trusted strategic partner at every stage of the business lifecycle, Great American Group efficiently deploys resources with sector expertise to assist companies, lenders, capital providers, private equity investors and professional service firms in maximizing the value of their assets. The company has in-depth experience within the retail, industrial, real estate, healthcare, energy and technology industries. The corporate headquarters is located in Woodland Hills, Calif. with additional offices in Atlanta, Boston, Charlotte, N.C., Chicago, Dallas, Melville, N.Y., New York, Norwalk, Conn., San Francisco, London, Milan and Munich. For more information, call (818) 884-3737 or visit www.greatamerican.com.

Media Contacts:
Great American Group
Michelle Kahan, 818-884-3737
Director of Marketing
Mulberry Marketing Communications
Christina Alvarez, 312-664-1532
Senior Account Executive

Source: Great American Group, Inc.

News Provided by Acquire Media