McEnery Collecting Bids on 3.3 Acres of Riverfront Property in Algiers

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Image courtesy of the McEnery Company

NEW ORLEANS — The McEnery Company has been hired to solicit offers on a commercial site along the Mississippi River in Algiers that’s being sold via federal bankruptcy court. 1321 Brooklyn Avenue is located in a mixed-use area and consists of three vacant, undeveloped tracts of land. The gross site size is roughly 3.3 acres (143,748 square feet).

Miami-based developer Philip Spiegelman bought the property in 2006 and initially planned a $100 million, 345-apartment development that included affordable housing. In 2017, he cut the size of the project in half but, in 2019, the New Orleans City Council failed to approve the plan. 

The bankruptcy court has a “stalking horse” buyer in place who has agreed to purchase the property for $4,436,000, but McEnery is collecting additional bids.

Parke McEnery, the company’s sponsoring broker, said the time is right for a development like this — especially on a piece of property that’s “as high as it gets” and directly across the river from downtown New Orleans.

“Market conditions today are even more primed for a larger-scale, multi-family development similar to what was previously proposed on the property,” he said. “Apartment demand across the New Orleans metropolitan statistical area continues to out-pace new supply deliveries. As a result, many properties remain full with waiting lists, and rent levels have become untenable for many long-term residents of the city.”

Deadline for offers is Tuesday, April 12. Click here for more information.

Categories: Real Estate, Today’s Business News