October 2, 2017

PUBLIC NOTICE OF SALE: Bankruptcy Sale of Real Estate in Chicago, IL

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GREGG SZILAGYI, BANKRUPTCY TRUSTEE ANNOUNCES SALE AND OPPORTUNITY TO BID ON REAL ESTATE LOCATED AT 200 N. DEARBORN ST. & AND 1212 N. LASALLE ST. IN CHICAGO

 

Summary: 

Gregg Szilagyi (“Trustee”) is the Chapter 7 Trustee in the bankruptcy case of Garvey Court Holdings, LLC, Case No. 16-01697, pending before Judge Jacqueline Cox in the Bankruptcy Court for the Northern District of Illinois.  He is selling the Properties (as defined below).

Assets to be Sold: 

The assets being sold include the following properties:

  1. Units 1C, 1D and 1E at 200 N. Dearborn, a/k/a 47th Floor Penthouse and/or Unit 4700, together with roof rights;
  2. Commercial Units C, D and E on the 7th Floor of 200 N. Dearborn
  3. Parking Units P-19, P-49 and P-90 at 200 N. Dearborn; and
  4. Parking Units 425, 460, 482, and 484 at 1212 N. LaSalle St.

Collectively, these properties are referred to as the “Properties.”  The street addresses of the Properties are 200 N. Dearborn St., Chicago, Illinois 60601 and 1212 N. LaSalle St., Chicago, Illinois.

Stalking Horse:

The Trustee has received an offer from Khowaja Capital Investments to purchase the Properties, pursuant to a Purchase and Sale Agreement (the “PSA”), for the sum of $825,000.00, plus reimbursement of a certain expense item in the amount of $29,035.00, for a total purchase price of $854,035.00, subject to higher and better bids at auction.

Procedures: 

  1. A Sale Hearing (“Sale Hearing”) to approve the sale of the Properties will be held on October 31, 2017 at 10:00 am at the United States Bankruptcy Court for the Northern District of Illinois, Eastern Division, 219 South Dearborn Street, Room 680, Chicago, Illinois.
  2. Prior to the Sale Hearing, parties may submit qualifying competing bids for the Properties (which are being sold in bulk in a single lot only) by 5:00 p.m. on October 20, 2017  (“Bid Deadline”) in accordance with the bidding procedures approved by the Court.
  3. Any qualified competing bid must be $954,035.00 or more and otherwise conform to the bidding procedures.
  4. In the event the Trustee receives a qualifying competing bid, a public auction sale of the Properties shall be held on October 23, 2017 at 3:30 p.m. at the offices of the Trustee’s counsel, as set forth below.
  5. The Sale Hearing may be adjourned without further notice, other than an announcement of such adjournment in Open Court at the Sale Hearing.

More Information:

Copies of the bidding procedures approved by the Court, due diligence materials and information on viewing the Properties may be obtained by contacting the Trustee at gs@tailserv.com.  For more information on the Assets to be sold or to arrange for an inspection of the Assets, please contact:

 

Gregg Szilagyi
542 S. Dearborn Street, Suite 1400
Chicago, Illinois 60605
Phone: (312) 663-0801
Trustee   

Scott R. Clar, Esq.
Crane, Heyman, Simon, Welch & Clar
135 S. LaSalle Street, Suite 3705
Chicago, Illinois  60603
Phone: (312) 641-6777
Trustee’s Counsel

 

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