Sales Beat

Eastern Consolidated Reps US Bankruptcy Court in Sale of Restaurant Row Mixed-Use Building

Eastern Consolidated is exclusively marketing the sale of 334-336 West 46th Street, which will be listed at a bankruptcy auction sale on June 4, 2013 with a starting all-cash bid of $9.25 million, The Commercial Observer has learned.

The two adjoining four-story mixed-use buildings include 10 residential rental units and one commercial unit spread over a total 9,299 square feet. The ground floor retail is currently occupied by the Irish pub O’Flaherty’s, whose lease expires next year. The property is the subject of a Chapter 11 bankruptcy bearing case.l Eastern Consolidated Reps US Bankruptcy Court in Sale of Restaurant Row Mixed Use Building  Eastern Consolidated Executive Managing Director David Schechtman, Senior Director Lipa Lieberman and Director of Financial Services Gary Meese are representing ownership.

The building’s eight one-bedroom apartments rent for $1,800 a month. Both two-bedrooms rent for $3,600 a month. O’Flaherty’s is currently paying $19,392 a month in rent. The bar’s lease runs through next February. The Hell’s Kitchen property located on Restaurant Row also contains 14,901 square feet of unused development rights, according to a source familiar with the deal.

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