OAKDALE, NY – On December 16, 2016, the United States Bankruptcy Court for the Eastern District of New York entered an order which approved the sealed bid sale procedures and timeline for the sale of Dowling College’s (“Dowling” or the “Debtor”) former Oakdale, N.Y. campus, a 25-acre waterfront property which currently houses six buildings including the former W.K. Vanderbilt Estate.
On November 29, 2016, Dowling filed a voluntary petition for relief under chapter 11 of title 11 of the United States Code in the United States Bankruptcy Court for the Eastern District of New York (Case No. 16-75545 (REG)).
The sealed bid deadline for the Oakdale campus has been set for March 27, 2017 at 4:00 p.m. (EST), and the auction will take place on March 31, 2017. In order to allow sufficient time for Stalking Horse Bids to be considered, the Debtor requests that any Stalking Horse Bids be submitted by the end of February 2017.
The sale is being managed by A&G Realty Partners and Madison Hawk Partners. The two firms have been retained to oversee the sealed bid sale of two Suffolk County properties formerly occupied by Dowling College as part of its Chapter 11 Bankruptcy filing. The firms currently expect they will be able to market Dowling’s 101-acre Brookhaven location in Shirley, NY beginning in the first quarter of 2017.
“The authorization of the bidding procedures enables us to immediately start receiving bids for the Dowling campus in Oakdale which is situated on 25 pristine waterfront acres and offers one of the most unique redevelopment opportunities on the South Shore of Long Island,” said Andy Graiser, Co-Founder and Co-President of A&G Realty. “The property is already zoned residential and is ideal for continued use as an educational institution or redevelopment into residential or other uses. Assets like these rarely become available.”
Set along the banks of the Connetquot River, with immediate access to the Nicoll Bay, the Oakdale property includes 200,000 square feet of space in six educational, administrative and student housing buildings – including the former W.K. Vanderbilt Estate. The campus operated under a special permit allowing for College/Educational use and is zoned Residence AA Single-Family Dwelling.
“This is a unique opportunity for an investor or developer to acquire a highly-desirable waterfront property and unlock its significant intrinsic value,” said Jeff Hubbard, President of Madison Hawk Partners. “The sealed bid sale format will enable qualified bidders to effectively set the fair market acquisition cost while maximizing value for the seller.”
A&G Realty Partners and Madison Hawk Partners expect they will be able to market Dowling College’s former Brookhaven campus beginning in the first quarter of 2017. The 101-acre property, which was home to the college’s aviation program, is located on the William Floyd Parkway in Shirley, NY and includes a state-of-the-art athletic complex, a two-story, 65,000 square-foot building; and a 10,000 sq.-ft. airplane hangar with runway access to Brookhaven Airport, all of which provides immediate income potential to developers. The Brookhaven campus has undergone millions of dollars of infrastructure improvements, greatly reducing development costs to a buyer.
“The Brookhaven location 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.,” Mr. Graiser points out.
For additional information on the sale including inspection dates, please visit www.Dowling-RealEstate.com.
About A&G Realty Partners
A&G Realty Partners are the real estate industry leaders in both Chapter 11 and Non-Chapter 11 dispositions. A&G Realty clients include some of the nation’s most recognizable companies in distressed and healthy situations including Sports Authority, ITT Technical Institute, Career Education including Briarcliff College, A&P, Golfsmith, Office Depot and RadioShack. A&G Realty is a leader in finding innovative ways to consolidate and reconfigure real estate to achieve the highest possible value, and has disposed of more than 500 million square feet of space. A&G Realty Partners was founded in 2012 and is headquartered in New York with offices in Chicago and Los Angeles. For more information, please visit www.agrealtypartners.com.
About Madison Hawk Partners
Madison Hawk Partners is a national real estate firm and industry leader specializing in Structured Accelerated Sales and Capital Market Solutions to complex real estate situations across all asset classes. The Madison Hawk team is among the most experienced in the industry, having designed and executed over $10 billion worth of commercial and residential sales across all asset classes including; development land, apartment buildings, office buildings, industrial buildings, shopping centers, condominium developments, luxury homes and other special purpose properties. For more information, please visit www.madisonhawk.com