Going once, going twice? Hudson Heights development site auction is back on

Developers can build about 276K sf of space at 29 Overlook Terrace.

A bankruptcy auction has once again been set for One Bennett Park in Hudson Heights–and this time, it’s for real.

The property, also known as 29 Overlook Terrace, is a notorious construction site that became one of the most prominent symbols of the country’s economic collapse in 2008 due to how long it has sat vacant. It was headed for foreclosure last summer, and an auction had been scheduled for mid-August.  However, this was delayed after developer Rutherford “Ruddy” Thompson filed for bankruptcy.

But following a June settlement in bankruptcy court, Ariel Property Advisors and Keen-Summit Capital Partners are officially set to conduct a public auction of the site, they announced on Monday. Bids for the site are due by Sept. 19, and the auction will take place by Oct. 10 at the latest. The sale will then need to close by Nov. 11, according to the settlement.

The future owners of the site will be able to build the neighborhood’s first residential high rise spanning about 146,000 square feet. If they include a community facility, they could build something spanning up to about 276,000 square feet.

Thomas was originally planning to build a 23-story, 114-unit building on the site called Fort Tryon Towers. It was supposed to open back in 2008, but the recession and a lawsuit between lenders on the project prevented the project from getting off the ground.

William Henrich, who the bankruptcy court had appointed as the chief restructuring officer, said in a statement that the new agreement “will pave the way towards the sale of this unique undeveloped property to an investor/developer to develop this property.”

https://therealdeal.com/2019/07/01/going-once-going-twice-hudson-heights-development-site-auction-is-back-on/