Kaplan School, 621 Blooming Grove Turnpike, New Windsor, NY
The Challenge
When SVNDCCR was approached by a benevolent organization in bankruptcy to liquidate their Upstate NY residential school campus to raise much needed funds, the Board’s expectations from the sale – based on a recent appraisal – were modest. In addition, the sale had to gain the approval of the Bankruptcy Court with expediency as funds needed to be raised quickly to meet the organization’s assets’ critical maintenance expenses.
The Plan
The sales team at SVNDCCR was well informed about the local demand for, the users of, and the pricing of special-use properties in the region. The team was aware of recent arms-length sales of similar properties in similar regions. The team also had various prior dealings with the relevant potential buyer groups and specialty brokers. SVNDCCR was chosen to represent the seller and quickly went to work. We contacted a wide target audience and secured multiple bids. We worked hand-in-hand with the Seller’s Board and their bankruptcy attorney.
The Result
We delivered a higher-than-expected price with a smooth sales process, and in a spectacularly short time as required by the bankruptcy rules. We presented a truly turnkey information packet to the buyer pool. The ultimate winner of the bankruptcy auction process had been looking for a similar property for years. This bankruptcy sale was one of the rare occasions where the transaction yielded a desirable net positive result for both the Seller and the Buyer.
