SOURCE: Great American Group, Inc.

Great American Group, Inc.

November 28, 2011 11:28 ET

GA Keen Realty Advisors to Market, Sell Prime Midtown Manhattan Redevelopment Property Operated by H&H Bagels

Bid Deadline: December 30, 2011; Auction Date: January 4, 2012; Minimum Bid Amount: $10,400,000

WOODLAND HILLS, CA--(Marketwire - Nov 28, 2011) - GA Keen Realty Advisors, a division of Great American Group, LLC (OTCBB: GAMR), a leading provider of asset disposition, valuation, real estate and appraisal services, has been retained to assist in the marketing and sale of a prime piece of real estate located at 639 West 46th Street in New York City. The property is currently home to H&H Bagels' sole remaining location.

According to Matthew Bordwin, Co-President of GA Keen Realty Advisors, the commercial property, located in the Midtown West section of the city, represents "an excellent redevelopment opportunity" for the right buyer.

"It's rare to have more than 25,000 square feet of prime Manhattan property available in such a great location," Bordwin said. "We anticipate there will be a lot of interest among users, developers and investors, especially given its redevelopment potential and prime location by the Intrepid and Hudson River."

The two-story building, which currently houses H&H Bagels' manufacturing plant and retail store, is located on a .29 acre site between 11th and 12th avenues. Both stories offer 12,500 square feet of space. The property is zoned for commercial, manufacturing or industrial use.

GA Keen was retained by Yann Geron, Chapter 7 Trustee for Third Toro Family Limited Partnership, to handle the sale. "Mr. Geron has entered into a $10,000,000 stalking horse contract which is subject to higher and better offers at auction. Interested parties must present a qualified bid by the December 30th bid deadline in order to participate in an auction on January 4th. The minimum bid amount is $10,400,000," Bordwin added.

According to Mr. Geron, "A motion has been filed with the Bankruptcy Court to approve bidding procedures which outline the requirements that interested parties must meet in order to qualify for the January 4th auction. Interested parties are encouraged to contact GA Keen Realty immediately."

GA Keen Realty Advisors provides real estate analysis, valuation and strategic planning services, brokerage, M&A, auction services, lease restructuring services and real estate capital market services.

For more information about this property, contact GA Keen Realty Advisors at (646) 381-9222 or via email at mbordwin@greatamerican.com.

About Great American Group
Great American Group, LLC is a leading provider of asset disposition solutions and valuation and appraisal services to a wide range of retail, wholesale and industrial clients, as well as lenders, capital providers, private equity investors and professional service firms. Great American Group has offices in Atlanta, Boston, Chicago, Dallas, London, Los Angeles, New York and San Francisco. For more information, contact (818) 884-3737 or visit www.greatamerican.com.

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Contact Information

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