Bankruptcy Sale:

Rosewood Realty Group has been exclusively engaged to market for sale 159 Broadway, Brooklyn NY under a chapter 11 bankruptcy plan. This is an unmatched opportunity to develop what is potentially North Brooklyn’s best development site.

159 Broadway, located in an opportunity zone, is a 130,154 BSF shovel ready site located on the north side of Broadway, between Driggs and Bedford Avenue in prime Williamsburg. The approved plans call for a 277 foot tall, 26 story mixed-use building which will be comprised of a 230 key hotel on floors 2-16, and 21 residential condominiums on floors 20-25. The hotel will feature a restaurant, two bars and a rooftop terrace with pool with an 18’ cantilever over the building. Amenities will include a fitness center with a cycle studio, accessory storage and 35 parking spaces, 26 of which will be situated off-site. Going forward, no new hotels can be constructed in Manhattan and the boroughs without a special permit.

Currently, the site is in the early stages of excavation and construction, with underpinning to the adjacent building to the west and the adjacent landmarked building to the east. With the foundation already poured in, the site is ready for immediate construction. In addition, 159 Broadway is located in an opportunity zone.

159 Broadway is just steps to Bedford Avenue, which is the main retail corridor in Williamsburg, as well as the Marcy Avenue subway station serviced by the M, J and Z trains, just one train stop from Manhattan.

AUCTION DETAILS:

Opening Bid: $28,000,000

Bid Deadline: August 2nd, 2022 at 5:00 p.m. (EST)

Auction: August 4th, 2022 at 2:00 p.m. (EST)

Sale and dates are subject to bankruptcy court approval

Please contact us for terms of sale / bid procedures

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