New York Bus Terminal Developer Lands $92 Million Initial Bid

April 13, 2021, 8:01 PM

Monarch Alternative Capital LP has agreed to place an initial, floor-setting bid of $92 million in an auction for a developer that went bankrupt upgrading the George Washington Bridge Bus Station in Manhattan.

The private investment firm got bankruptcy court approval Tuesday to make the opening “stalking horse” bid, which includes an offer to pay off developer George Washington Bridge Bus Station Development Venture LLC’s $18 million bankruptcy loan. Monarch also would pay all administrative bankruptcy costs, and assume $72 million of the developer’s pre-bankruptcy debts.

In exchange, Monarch would acquire substantially all of the developer’s assets, including a 99-year...

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