UWS Multifamily Property Heads for Bankruptcy Auction
By Cathy Cunningham October 21, 2020 9:00 am
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The multifamily building at 60 West 91st Street is up for bankruptcy sale, Commercial Observer has learned.
Greg Corbin and Aaron Kline of The Corbin Group at Rosewood Realty are leading the sale of the five-story, 5,870-square-foot building, which sits between Columbus Avenue and Central Park West. The tax class 2B property, built in 1900 and renovated in 1987, has 9 units, only 2 of which are currently tenanted.
Bids are due by November 10 at 11 a.m., and the Zoom auction will take place on November 12 at 11 a.m.
“The building can continue to be run as a multifamily, or through substantial rehabilitation and combining apartments, the units can be deregulated. Upon vacancy, the property also makes for a perfect conversion to a single family townhome” Greg Corbin, the president of bankruptcy and restructuring at Rosewood Realty Group, told CO. “The bankruptcy sale will allow the property to be delivered free and clear of and liens and encumbrances”
The suggested opening bid is $3.8 million.
“The building has great bones and is just steps away from the subway and Central Park,” Aaron Kline, a director of the Corbin Group at Rosewood, added. “The beauty of a near-vacant brownstone is that it gives multiple avenues of creative approaches to explore. This deal is well suited to both investors and end users.”
Last week, CO reported that The Corbin Group is also in the market with a bankruptcy sale of a mixed-use asset at 753 Ninth Avenue.
