HILCO REAL ESTATE ANNOUNCES SEPTEMBER 30 AUCTION US BANKRUPTCY COURT DIRECTS THE IMMEDIATE SALE OF NEW YORK MILITARY ACADEMY FULLY-ACCREDITED COLLEGE PREPARATORY MILITARY SCHOOL

NORTHBROOK, Ill., Sept. 11, 2015 (GLOBE NEWSWIRE) — Hilco Real Estate, LLC today announced the date of September 30, 2015 for the auction of the New York Military Academy located in Cornwall-on-Hudson, New York, which is less than six miles from the United States Military Academy at West Point. The New York Military Academy is a fully-accredited college preparatory school established in 1889, covering grades 8 through 12. Over the years many well-known public figures have attended the school, including Donald Trump, Francis Ford Coppola, Troy Donahue , Bob Benmosche, Bob Stiller, and Stephen Sondheim.

The sale includes all of the accreditations in place to continue to operate as a college preparatory school. Multiple parcels are available for sale: Parcel 1 is 77.3+/- acres and includes the school, all of the structures, and all ancillary facilities needed to operate the school (administration, academic, dorms, apartments, single-family homes); Parcel 2 is a 35+/- acre parcel of vacant land; Parcel 3 is a 1.10+/- acre parcel of vacant land. Bidders may bid on individual parcels or the property as a whole. The property is ideal for continued use as a preparatory school or multiple alternative uses may be considered, such as residential development, government, medical, commercial and more. The minimum bid for the property as a whole is $9,500,000.

The auction will take place at 1:00pm on September 30 at the US Bankruptcy Court Southern District of New York, 355 Main Street, Room 341, Poughkeepsie, NY 12601. All sales are subject to court approval.

Anthony Desa, President of the Board of Trustees, stated, “The NYMA is one of the most exceptional college preparatory schools in the Country. Over the years the NYMA has been dedicated to a comprehensive and substantive process of developing young leaders who are ‘Set Apart for Excellence’ by being inspired, engaged, and ready for success and fulfillment in college and in life. We look forward to the new owner continuing the high standards of excellence that have been established over the last 126 years the academy has been in existence.”

To view Bidding Procedures and Terms of Sale visit: 

http://www.hilcorealestate.com/NYMA

Commenting on the sale, Jeff Azuse, Senior Vice President of Hilco Real Estate, said, “This is a rare opportunity to buy at auction a fully-accredited military academy with a 100+ year history, located just 55 miles from Manhattan, New York in Cornwall-on-Hudson. Due to its location, property attributes, and multiple alternative uses we expect this sale to be attractive to a wide variety of potential buyers including real estate investors, developers and end users.”
For more information about bidding procedures and further details about the terms of sale, please visit www.HilcoRealEstate.com/NYMA or contact a member of our transactional team at 855-755-2300.

About Hilco Real Estate, LLC: Hilco Real Estate, LLC (“HRE”), a Hilco Global company, is headquartered in Northbrook, Illinois (USA). HRE is a national provider of strategic real estate disposition services. Acting as an agent or principal, HRE uses its experience to advise and execute strategies to assist clients in deriving the maximum value from their real estate assets. By leveraging multi-faceted sales strategies and techniques, extensive repositioning and restructuring experience, a vast and motivated network of buyers and sellers, and substantial access to capital, HRE consistently exceeds expectations.
 

CONTACT: Gary Epstein
         Hilco Global
         Office: 847-418-2712
         Mobile: 847-323-4943
         Email: gepstein@hilcoglobal.com

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