A coveted office building at 251 Park Avenue South (between 20th Street and 21st Street) in the Flatiron/Gramercy area is set to be auctioned on November 6th by order of the New York State Supreme Court to settle a dispute between the current owners.
The 16-story building is currently 70% vacant and being on a 90×69 lot, we would estimate it’s about 100,000 square feet of space. Its location is incredible, between Gramercy, Flatiron, Union Square, and just southeast of Madison Square Park. Continued development of new large residential buildings on Park Avenue South should also continue to keep retail businesses growing in the area and the need for office space high. The building should likely be 10% vacant, not 90%, and at the right price it would be fully occupied.
The auction will take place at 2:15 pm on November 6, 2013, in Room 130 at the New York State Supreme Court, New York County, 60 Centre Street and should attract bidding from an array of real estate players in NYC .
You can find the official auction notice at www.251pas.com.
Huge commercial building at 251 Park Avenue South to be auctioned November 6th,