SHIRLEY, N.Y., Dec. 4, 2017 /PRNewswire/ -- With multiple parties recently showing interest in the property and requesting additional time to complete due diligence, a new bid deadline and auction date have been set for the Chapter 11 bankruptcy sale of the Dowling Brookhaven Campus on Long Island.
Under the new timeline announced by A&G Realty Partners and Madison Hawk Partners, sealed bids are due by Jan. 25, 2018 and the auction date for qualifying bids is set for Jan. 31, 2018. Stalking Horse Bids will be considered any time prior to January 11, 2018.
As previously announced, A&G and Madison Hawk were retained to manage the sale of the shuttered 105-acre Suffolk County property, which was home to the college's aviation program. The campus includes a 70,645-square-foot, 70-room dormitory; a state-of-the-art athletic complex; and a 65,000-square-foot office/classroom complex which also features an airplane hangar with proximity to Brookhaven Airport.
The Brookhaven campus is located on the William Floyd Parkway and has undergone millions of dollars of infrastructure improvements, greatly reducing development costs to a buyer.
"We hope and expect that the sale process for the Brookhaven campus achieves as successful an outcome as the prior bankruptcy sale of Dowling College's Oakdale campus," says Chief Restructuring Officer Robert Rosenfeld, whose firm RSR Consulting is managing the liquidation of the Dowling College bankruptcy estate. Earlier this year, the sale of Dowling College's 25-acre Oakdale campus greatly exceeded expectations of value when it sold for more than $26 million.
"The Oakdale auction event involved spirited bidding from both educational end users and potential developers and we're seeing an equally strong response on Brookhaven," said A&G Co-President Andy Graiser.
"The Brookhaven campus is considered one of the most diverse development sites on all of Long Island with opportunities for residential, education, medical, health-related, senior housing, office, retail, etc.," added Jeff Hubbard, President of Madison Hawk. "This is rarely available opportunity to purchase a parcel that's ideally situated between the Sunrise Highway and Long Island Expressway with direct access to the Brookhaven Airport."
Current improvements on the Shirley, N.Y. property include:
- The National Aviation Building: A 65,000-square-foot office/classroom building located on the site's southern border. The property is divided into three sections; a converted hanger with classrooms and offices and a library, a separate building with simulator labs, offices, dispatch/flight services areas, locker room and cafeteria, and the 7,500 square-foot hanger.
- Brookhaven Residential Village: A 70,645-square-foot building with 70 studio, two-, and three-bedroom apartments currently configured with a total of 289 beds. The building is vacant and primed for conversion into an alternate residential use.
- Athletic facilities including baseball, softball and multipurpose fields with spectator seating. There's also a 4,500-square-foot. fieldhouse with locker rooms, offices, and laundry, storage and concession areas.
For additional information on the sale, please visit www.Dowling-RealEstate.com.
SOURCE A&G and Madison Hawk