Bay Ridge Building – Bankruptcy Auction 4/14
Photo from Rosewood Realty Group
On Friday, April 14th, there will be a bankruptcy sale auction for 9201 – 4th Avenue at 11:00 am. The opening bid is: $28,250,000. See information about the sale here.
This is the former location of Pizzeria Unos. Above it are office buildings and medical offices.
The Real Deal shared the (Story here). The building owners took a loan from New York Community Bank.
“In early 2021, New York Community Bank declared the loan in default, accelerated the interest and sold it to Signature Lien Acquisitions, an entity connected to Ziss. The new lender initiated a foreclosure.“
We know Tim Ziss as the developer who scored big on two locations in our area – the school at Nathan’s on 86th Street and the school at 5th Avenue and 88th Street. (Info here)
Whose going to score big at this auction? I bet some developer is salivating over that property and trying to figure out how many condos they could build there.
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Hugs,
marlene
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