20 KFC franchises in the city head to auction

At least 20 Kentucky Fried Chicken franchises in New York City are going up for auction after the former owners filed for Chapter 11 bankruptcy protection last year, according to Crain’s. The eateries — 10 in Queens, eight in Brooklyn and two in Harlem — average 2,000 square feet each, have around 15 years left on their leases and may go in groups or individually, said Richard Maltz, vice president of the real estate auction division at David R. Maltz & Co. Maltz said he’s seeking entrepreneurs who already operate KFC locations or those who want to start a new fried chicken brand to bid on the stores. The buyers, who will be announced in June, will get the leasehold interest in the stores and the franchise, he said. A single franchise usually costs more than $1 million to open, though Maltz didn’t say how much each location would likely fetch. [Crain’s]