Ariel Property Advisors/Keen-Summit hired for bankruptcy sale of One Bennett Park

New York, NY It has been over a decade in the making, but after much litigation and controversy, the highly-anticipated resolution of One Bennett Park in Northern Manhattan’s Hudson Heights has finally arrived. Otherwise known as 29 Overlook Terrace, the United States Bankruptcy Court approved the retention of Ariel Property Advisors and Keen-Summit Capital Partners LLC  to conduct a public auction of the property. The bid deadline for the 1+ acre site of undeveloped land is September 19. 

Last summer, the property was subject to an Article 9 UCC foreclosure. That foreclosure, however, was blocked by the bankruptcy filing of Jackson Overlook Corp, USBC SDNY Case No. 18-12465 (JLG).  Since then, the debtor, the secured lender and the Fort Tryon Jewish Center, whose property adjoins the property, have worked together on a path that ultimately culminated in the approval by the Bankruptcy Court on June 18, of a global settlement agreement, auction, bid procedures, and the appointment of Ariel and Keen as the debtor’s real estate advisors.   

The September 19 bid deadline will be followed by an auction no later than October 10.  William Henrich, of the financial advisory firm Getzler Henrich & Associates LLC, the Bankruptcy Court appointed chief restructuring officer, noted that “the Bankruptcy Court approved sales process resolves a lot of the concerns previously expressed by buyers and will pave the way towards the sale of this unique undeveloped property to an investor/developer to develop this property.”

The future owner of the property will have the opportunity to build the first residential high-rise in the area. In addition to the R7-2 zoning (3.44 FAR), which will entitle the owner to build a residential development of approximately 145,997 s/f, there is a community facility bonus that increases the buildable square footage up to 275,868 s/f. 

Future tenants of the site will benefit from an onsite entrance to the A subway line. Hudson Heights is one of New York City’s fastest-growing neighborhoods, with its mountainous landscape, water views and array of amenities making it a top residential destination in Manhattan. In a recent feature, the New York Times dubbed Hudson Heights a “hidden gem” that is destined to gain in popularity.  

The property offers 117’ of frontage along the intersection of Overlook Terrace and West 184^th St., as well as frontage on Ft. Washington Ave. The property’s addresses include 29-35 Overlook Terrace, 730-734 West 184^th St., and 524 Fort Washington Ave. (block 2180, lots 62 and part of 63 and 64).

Local amenities and institutions that are within walking distance of the property include Yeshiva University, Bennett Park, and New York Presbyterian Hospital. The site is also near historic Ft. Tryon Park, home of the Cloisters Museum, which is a part of the Metropolitan Museum of Art. 

Additionally, the area boasts an exceptional school district (PS 187) and enjoys a bustling retail corridor along West 181^st and 187^th St. amid a slew of charming shops and eateries. The property provides commuters with easy access to Midtown Manhattan via the A train and is in proximity to the West Side Highway and the George Washington Bridge.

Offering tremendous scale and a centralized, accessible location, One Bennett Park stands out as a premier and limited Northern Manhattan development opportunity.