- 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
For more information about the property, call 646-381-9222 or email
Harold Bordwin or Matthew Bordwin at firstname.lastname@example.org
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.
Great American Group
Director of Marketing
Christina Alvarez, 312-664-1532
Source: Great American Group, Inc.
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