Distressed Restaurant Row buildings up for all-cash auction

May 07, 2013 09:30AM

Eastern Consolidated is marketing a pair of distressed buildings on West 46th Street — New York City’s Restaurant Row — in an all-cash auction, the New York Observer reported.

The starting bid for 334-336 West 46th Street — which is the subject of a Chapter 11 bankruptcy case — will be $9.25 million. The two adjacent four-story mixed-use buildings have a total of 9,299 square feet between them, with 10 residential rental units and a single ground floor commercial space currently occupied by the Irish pub O’Flaherty’s, whose lease expires next year. 

Eastern Consolidated’s David Schechtman, Lipa Lieberman and Gary Meese are representing the seller. “Competing offers for the properties are being accepted now with a deadline of May 28th,” Schechtman said in a press release, and stressed that a key advantage of the site was its 14,900 square feet of unused air rights. [NYO and Press Release] –Hiten Samtani