GA Keen Realty Advisors recently announced that the landmark H&H Bagels property in New York sold for $11 million at bankruptcy sale. The buyer of the property was not disclosed.
An eviction sign was posted on the window of the store, located at 639 W. 46th Street, last month by the city marshal. Helmer Toro, the owner of and founder of H&H Bagels since 1972, owed more than $600,000 in rent for this site.
Toro owned several other buildings in the region that went into bankruptcy over the last year, including the original retail store on the Upper West Side of Manhattan which closed last June and a manufacturing plant in Secaucus, N.J. that was sold at auction in October due to the company’s bankruptcy reorganization.
Yann Geron, the Chapter 7 Trustee for Third Toro Family Limited Partnership, hired GA Keen to solicit and negotiate the stalking horse contract to sell the building for at least $10 million.
“As we expected, there was a lot of interest in the property,” said Matthew Bordwin, co-president of GA Keen Realty Advisors, a subsidiary of Woodland Hills, Calif.-based Great America Group. “The minimum bid was set at $10.4 million, but because it was 25,000 square feet of prime real estate in Midtown, we anticipated there would be some strong competition to purchase the property.”
The property is a two-story building, with each story containing 12,500 square feet of space. It had been previously used to house H&H Bagels’ manufacturing plant and was also a retail store.
The site is zoned for commercial, manufacturing or industrial use.
“It’s going to provide the buyer with an excellent redevelopment opportunity in the Midtown West section of the city,” Bordwin added.
