Sunlight Barclay Tower, LLC acquires unoccupied building for $10.15 million in bankruptcy auction; new owners plan "significant investment" to bring structure up to 2022 standards.
FLUSHING, N.Y., Feb. 3, 2022 /PRNewswire/ -- A&G Real Estate Partners announced that the U.S. Bankruptcy Court has approved the sale of Barclay Tower, a recently-constructed, 23-unit residential building in this densely populated section of Queens.
Sunlight Barclay Tower, LLC, a newly formed entity, was the winning bidder in A&G's bankruptcy auction, acquiring the seven-story structure for $10.15 million. Designed and built to be marketed as a condominium, but never occupied, the seven-story building is located at 144-69 Barclay Ave., between Parsons Boulevard and 147th Street.
"With the building originally completed in 2017, the new owners plan to make a significant investment into the property to bring it up to 2022 standards and launch a marketing campaign to sell the individual units,".
"Following the successful completion of the auction, we look forward to seeing Sunlight Barclay Tower, LLC execute on its plan to get the well-appointed apartments in this attractive, strategically located building into the hands of motivated buyers," added Jeff Hubbard, Senior Managing Director, Real Estate Sales at A&G. "This is a highly desirable area with limited availability of comparable condo apartments."
Barclay Tower offers a mix of five one-bedroom units, 17 two-bedroom units and one three-bedroom unit, ranging from 670 square feet to 1,370 square feet. All two-bedroom units include two bathrooms, and all but two of the units have balconies. All of the units are completed.
The elevated building features a virtual doorman as well as a large rooftop outdoor space providing sweeping views of the surrounding area. The site also includes 17 parking spaces.
Barclay Tower is located steps from downtown Flushing and two blocks from the Long Island Railroad's Murray Hillstation, providing an approximate 20-minute commute into Manhattan.
The site is also within close proximity to such attractions as the Queens Botanical Garden, Queens Zoo and Citi Field, and offers easy access to several major highways.
A&G sold the property under the direction of the U.S. Bankruptcy Court, Eastern District of New York (Case No. 20-43052).
About A&G Real Estate Partners
A&G is a team of seasoned commercial real estate professionals and subject matter experts that delivers strategies designed to yield the highest possible value for clients' real estate. Key areas of expertise include real estate sales, occupancy cost reductions, lease terminations, dispositions, real estate due diligence, valuations, acquisitions, and facilitation of growth opportunities. Utilizing its marketing knowledge, reputation and advanced technology, A&G has advised the nation's most prominent retailers and corporations in both healthy and distressed situations. The firm's team has achieved rent-reduction and occupancy-cost savings approaching $8 billion on behalf of clients in every real estate sector, while selling more than $12 billion of non-core properties and leases. Global M&A Network named A&G "Real Estate Restructuring Firm of the Year" for its work in both 2019 and 2020. Founded in 2012, A&G is headquartered in Melville, N.Y. For more information, please visit: http://www.agrep.com
SOURCE A&G Real Estate Partners