Daily News: February 6, 2012

GA Keen Announces $11 Million Sale of Former H&H Bagels Property

GA Keen Realty Advisors, LLC, a subsidiary of Great American Group, LLC, a provider of asset disposition, valuation, real estate and appraisal services, has announced that the sale of the former home to H&H Bagels, located at 639 West 46th Street in New York City closed on February 2, 2012 at the price of $11 million.

Yann Geron, the Chapter 7 Trustee for Third Toro Family Limited Partnership, the owner of the property, hired GA Keen to solicit and negotiate the stalking-horse contract and market the property for higher and better offers. On November 14, 2011, Geron filed with the bankruptcy court a stalking-horse contract to sell the property for $10 million and bidding procedures were approved pursuant to a court order on December 1, 2011. The procedures called for higher and better offers to be presented no later than December 30, 2011, with an auction to be held on January 4, 2012.

“As we expected, there was a lot of interest in the property,” said Matthew Bordwin, co-president of GA Keen Realty Advisors. “The minimum bid was set at $10.4 million, but because it was 25,000 square feet of prime real estate in Midtown, we anticipated there would be some strong competition to purchase the property. It’s going to provide the buyer with an excellent redevelopment opportunity in the Midtown West section of the city.”

The property sold is a two-story building, with each story offering 12,500 square feet of space, which had been previously used to house H&H Bagels’ manufacturing plant and retail store. Located on a 0.29-acre site by the West Side Highway near the Intrepid Sea, Air and Space Museum, the property is zoned for commercial, manufacturing or industrial use.

GA Keen Realty Advisors provides real estate analysis, valuation and strategic planning services, brokerage, M&A, auction services, lease restructuring services and real estate capital market services.