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HILCO REAL ESTATE ANNOUNCES TWO COMMERCIAL CONDOMINIUMS AVAILABLE THROUGH A BANKRUPTCY SALE IN GREENWICH VILLAGE

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HILCO REAL ESTATE ANNOUNCES TWO COMMERCIAL CONDOMINIUMS AVAILABLE THROUGH A BANKRUPTCY SALE IN GREENWICH VILLAGE

Hilco Real Estate, LLC, announces May 17, 2024 as the bid deadline for the Chapter 11 bankruptcy sale of two commercial condominiums in New York City’s historic Greenwich Village. These condominiums occupy the first and second floor of the building located at 350-354 Avenue of the Americas. With 176 feet of prime, wraparound frontage on the corner of 6th Avenue and Washington Place, these offerings promise high visibility and heavy foot traffic.

The ground-floor retail space, totaling over 7,850± square feet and zoned C1, boasts 15-foot ceilings, exceptional location and can accommodate single or multiple tenants. While currently not built out, the versatile layout can be retrofitted, taking advantage of three separate entry points, which present a unique opportunity for various uses.

The second-floor space, spanning 8,942± square feet and zoned C2, offers ample flexibility for community-oriented endeavors. Previously occupied by a daycare, the space retains its built-out infrastructure, providing a turnkey solution for a new operator. This setup can also offer potential investors the ability to combine both floors and potentially increase the value for a prospective tenant.

The condominiums sit just one block from Washington Square Park and four blocks from NYU, ideally positioned to take advantage of excellent foot traffic. Additionally, eight subway lines, including the A, C, E, B, D, F, M and 1, and the PATH train are within walking distance, ensuring easy accessibility for both employees and customers.

Greenwich Village, on the west side of Lower Manhattan, is known for its history of fostering art and creativity, with notable former residents including Edgar Allen Poe, Jackson Pollack and Bob Dylan. The neighborhood also features multiple attractions, including Washington Square Park, the Village Vanguard jazz club, the Comedy Cellar, the historic Jefferson Market Library and several historic districts dedicated to preserving the Village’s character and charm. In addition to being lauded for its creative culture, Greenwich Village is home to New York University (NYU), The New School and Cooper Union, with over 64,000 students in attendance between the three universities. Despite the pandemic, the neighborhood also saw a 1.85% population increase from 2020 to 2021 and a 4.29% increase in median household income.

The sale of 350-354 Avenue of the Americas is being conducted by Order of the U.S. Bankruptcy Court District of the Southern District of New York (Manhattan), Bankruptcy Petition No. 23-10068-JPM, In re: Nuovo Ciao-Di LLC. Bids must be received on or before the deadline of May 17 at 5 p.m. (ET) and must be submitted on the Purchase and Sale Agreement available for review and download from Hilco Real Estate’s website.

Interested buyers should review the requirements in order to participate in the bankruptcy sale process available on Hilco Real Estate’s website. For further information, please contact Jonathan Cuticelli at (203) 561-8737 or [email protected].

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