A&G Realty of Melville to sell off ITT Tech properties
An ITT Technical Institute campus in Orange. Melville-based A&G Realty Partners LLC has been chosen by ITT Technical Institute to handle the sale of its properties nationwide following the school's shutdown and bankruptcy filing last month. Credit: TNS / Mark Boster
Melville-based A&G Realty Partners LLC, a commercial real estate consulting firm, has been chosen by ITT Technical Institute to handle the sale of its properties nationwide following the school’s shutdown and bankruptcy filing last month.
The for-profit school’s parent company, ITT Educational Services Inc., based in Carmel, Indiana, filed for Chapter 7 bankruptcy on Sept. 16 in U.S. Bankruptcy court in Indianapolis shortly after announcing the planned closure of all of its U.S. campuses.
A&G Realty and Manhattan-based Tiger Capital Group were contracted to handle the sale of ITT’s 31 owned properties, as well as the transfer of its 111 leased properties throughout the country.
ITT doesn’t own or lease any properties on Long Island.
“We’re out in the marketplace now negotiating with buyers,” said Emilio Amendola, founding partner and co-president of A&G Realty. “You’re going to have a number of properties that sell quickly and a number that take longer.”
The Long Island company is handling the school’s real estate assets, and Tiger Capital, a global asset valuation and disposition firm, will handle the sale of all furniture, fixtures, educational equipment and certain intellectual property.
A&G Realty has previously handled real estate asset sales for Sports Authority, which filed for Chapter 11 bankruptcy protection in March.
— VICTOR OCASIO
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