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Soho Development Site Sells for $23.5 Million

(Islandia, NY – April 6, 2017) – On February 15th, 2017, realtors and their clients streamed through the luxurious velvet curtains of the Soho Grand Hotel, in hopes of snagging a spectacularly located property on the corner of Spring St. and Thompson St. at auction. Each interested party was required to present a bank check in the amount of $1.5M for the right to bid.

Within moments of Richard Maltz, President of Maltz Auctions, announcing the opening bid, it became clear there were several extremely interested parties who had their eye on the prize. After what seemed quite a while, a victor emerged and the 4,000+ square foot lot was sold for $23.5M.

This auction was authorized by order of the United States Bankruptcy Court, Southern District of New York. Maltz Auctions was retained by Goldberg Weprin Finkel Goldstein LLP, Attorneys for the Chapter 11 Debtor and Debtor in Possession.

This offering is just one of many properties – including luxury residential and commercial, distressed and non-distressed real estate – auctioned by Maltz Auctions.