Cushman & Wakefield is announcing that 139-141 Orchard Street, a partially complete hotel development, is going to auction. The property is located between Delancey and Rivington Streets on Manhattan’s Lower East Side.
This 16-story hotel was originally envisioned as a 96-key boutique development, with significant food and beverage operations. Pursuant to a court order, an auction will take place on February 4, 2015. Bid packages must be submitted no later than January 30th, 2015 at noon in order to participate in this auction
A stalking horse bidder has been approved, resulting in a minimum initial bid of $34,150,000. Clean title will be delivered, free and clear upon sale. Additional details, including the full bidding procedures, conditions of sale and necessary qualifications will be provided after execution of the confidentiality agreement.
Additionally, Cushman & Wakefield is also offering the ground floor and lower level of 77 & 79 Rivington Street for long-term lease, pursuant to a separate court order. Although this offering will not be part of the auction for Orchard, it is complementary of it.
“This court ordered sale will help facilitate a quick transaction which should be beneficial to all parties involved,” said Cushman & Wakefield’s James Nelson, who is exclusively marketing this property with Michael DeCheser and Matt Nickerson. “This is one of only a few sites on the Lower East Side that can reach to 16 stories,” added Michael DeCheser.
Click here for listing details
Neighborhoods: Lower East Side/ Agents: Michael DeCheser