TRANZON Surfaces Auction Buyer with Plans for Urban Redevelopment of Downtown New Rochelle

NEW YORK, July 8, 2011 /PRNewswire/ -- New York based TRANZON, Integrated Property Group ("TRANZON") has announced the successful auction sale and closing of 53,000 SF property in the heart of downtown New Rochelle, NY. The property, which is located at 587-599 Main Street (aka 348 Huguenot Street) consists of 9 retail stores, 8 offices and a former 2,500 seat theater which in its heyday housed the Lowes Theater. The property was also approved in the past as a development for a 156 unit condo/rental building with parking deck. The property traded for close to $2,600,000.  

After being back on the market for several years with little interest, TRANZON began its accelerated marketing and auction sales program and managed to turn the tide for this property and for this part of Downtown New Rochelle. "Our auction attracted over 100 interested parties and in the very short 40 day marketing period we had close to 30 inspections," said Oren Klein, Partner and Auctioneer at TRANZON. Mr. Klein adds: "What was most interesting was not just the level of interest, but the diversity of the buyers and the variety of intended uses; for us that meant the property will not just fall into the highest and best use but go to the highest auction bidder."

The auction sale took place on site and was attended by a standing room only crowd of 30 people including their attorneys, brokers and other representatives. All bidders arrived at the auction with the required non-refundable deposit of $100,000 ready, willing, and able to buy the property on an as-is, where-is, basis with no contingencies. A video of the auction day events can be found at http://youtu.be/itSiR9CahF4.

ABS Partners Real Estate LLC, one of New York City's foremost real estate services firms, its principals and clients, in a joint venture partnership with Brause Realty, Inc., a premier family-run company specializing in the long term ownership, management and development of high-quality, well-located commercial real estate assets were the buyers.

"There is tremendous long-term potential in this property because the 40,000 square-foot site has a prime location in the heart of downtown New Rochelle, one of New York State's largest cities just 19 miles north of New York City," said Earle S. Altman, Chairman of ABS Partners. "The plan for the immediate and near future is to enhance and lease the existing retail and office space. One portion of this building was originally constructed as a 24,000 square foot, column free theater with 40-foot ceiling heights. It will be marketed with 24/7, 365-day access and parking as a 'studio building' for television or movie production companies."

"We have auctioned off several retail oriented properties like this one in the last year and while interest had been mixed there are definitely people out there with both creative ideas and financial resources coming to our auctions," said Joshua Olshin, President of TRANZON.

"We were delighted to be able to have this opportunity and TRANZON, while doing the best for its clients, made this process as easy as it could be for us," said Jason Fein, Associate Managing Director at ABS Partners Real Estate LLC.  

About Tranzon Integrated Property Group

Tranzon Integrated Property Group, based in the New York metropolitan area is a full-service auction and real estate disposition company and a member company of Tranzon, L.L.C. With more than 30 offices from coast to coast, Tranzon's independently owned and operated regional member companies have conducted more than 11,000 auctions in 47 States and the District of Columbia, selling more than $1.6 Billion in asset value since the Company's formation. For a complete list of auctions and sales or to learn more about Tranzon visit www.tranzon.com.

About ABS Partners Real Estate

ABS Partners Real Estate, LLC is a New York-based real estate brokerage, management and consulting firm specializing in representing owners of real estate in the acquisition, repositioning and development of commercial and residential properties. The firm offers full brokerage and advisory services, and has a fully integrated property management division. For more information, visit www.absre.com.

Press Contact: Tranzon Integrated Property Group
212-375-1222

SOURCE Tranzon Integrated Property Group