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850 Third auction delayed.

The auction of 850 Third Avenue has been delayed for a few weeks since the bankruptcy stay has not yet been lifted. The auction has been rescheduled from Feb. 4 to Feb. 25 and will be held in the County Courthouse at 60 Centre Street at 9:30 a.m.

More than 30 potential bidders from all over the country have expressed interest in the property. Because Prudential Insurance Company's mortgage and interest exceeds $92 million on the 534,000- square-foot property, however, real estate experts predict the lender will place the winning bid and resell it later. The property was formerly owned by VMS Realty and subsidiaries and needs rehabilitation.
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Title Annotation:auction of commercial property in New York, New York awaits lifting of bankruptcy stay
Author:Weiss, Lois
Publication:Real Estate Weekly
Date:Feb 10, 1993
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