Whitestone Uptown Tower, LLC filed a motion in the US Bankruptcy Court for the sale of substantially all assets on March 12, 2024. The debtor seeks the Court?s approval for the sale of substantially all assets to successful bidder, for a consideration to be paid for no less than $26 million in cash pursuant to the asset purchase agreement. To qualify as a qualified bidder, interested parties should submit their bids by May 17, 2024, along with good-faith deposit in the amount of 1% of the bid price.

The initial minimum overbid should be shall be $0.20 million more than purchase price. The debtor has scheduled an auction on June 4, 2024. At the auction, the subsequent bids would be in increments of $0.20 million.