OPPORTUNITY ZONE CORNER DEVELOPMENT SITE RECENTLY UPZONED IN EAST HARLEM TO BE SOLD AT AUCTION

SEALED BIDS DUE MONDAY, JULY 29th, 2019

 

Bankruptcy Auction – United States Bankruptcy Court Eastern District of New York

In Re: 1989 3Ave LLC – Case # 18-47234-nhl

 

(Central Islip, NY- July 2019)- Maltz Auctions, a premier full-service auction company serving the New York Metropolitan region, announced it will auction an Opportunity Zone 9,000+ square foot corner development site, which has been recently upzoned, located at 1985-1991 Third Avenue, East Harlem, New York.

“This auction is a two-step bidding process where the first step is the submission of binding, sealed bids due Monday, July 29, 2019 by 5pm,” stated Maltz Auctions CEO, Richard Maltz.  “The qualified bidders will then be invited to bid at the live auction on Thursday, August 1, 2019 at 12pm at the United States Bankruptcy Court, 271-C Cadman Plaza East, Brooklyn.”

“As the Debtor has entered into a Stalking Horse Contract in the amount of $20,750,000, the price is subject to higher bids at the auction, with the next bid to be in the minimum amount of $21,612,500,” added Maltz.

Property Details:

  • 1985-1991 Third Avenue, East Harlem, Manhattan, NY 10029
    • 9,285 Sq Ft Corner Lot (100.92′ x 92′)
    • Primary Zoning: R9/C2-5
  • Borough: Manhattan Block: 1659 Lots: 1 & 2
  • Proximity to public transportation:
    • 1 Block to MTA 4/6 Subway at 110th Street Station
    • 3 Blocks to Proposed MTA 2nd Avenue Subway at 106th Street Station
    • 1 Block to MTA M15, M101, M102, M103 Bus Lines
  • Proximity to recreation:
    • Directly Across from 1.5+ Acre NYC Park – Poor Richard’s Playground
    • 4 Blocks East of Central Park
  • Substantially Vacant – One Existing Residential Rent Controlled Tenant

 

Viewings: Available by Appointment Upon Request.

Overview of Sales Process: This is a two-step bidding process.  The first step is the submission of binding, sealed bids that are due Monday, July 29, 2019.  The Qualified Bidders will be invited to bid at the live auction on Thursday, August 1, 2019.  Please Note: If two equivalent bids are received, the best bidder will be identified as the first bid received.

Sealed Bid/Bidder Qualification Deadline:  Monday, July 29, 2019 by 5:00 pm.  Required Bid Documents/Qualifying Packet (Pursuant to Bid Procedures) must be included for consideration.  See Bid Procedures for details at http://www.maltzauctions.com/auction/354334/opportunity-zone-dev-site/

Sealed Bid Delivery Locations: (1) Robinson Brog Leinwand Greene Genovese & Gluck P.C., 875 Third Avenue, 9th Floor, New York, New York 10022, Attention: Robert M. Sasloff and (2) Law Offices of Xian Feng Zou, 136-20 38th Avenue, Suite 10D, Flushing, New York 11354, Attn: William X. Zou and (3) Maltz Auctions, Inc., 39 Windsor Place, Central Islip, NY 11722, Attention: Richard B. Maltz.

Auction Date & Time: Thursday, August 1, 2019 at 12:00 noon (Registration commences at 11:30 am).  Only Qualified Bidders as defined in the Bid Procedures are eligible to participate. 

Auction Location: The United States Bankruptcy Court, 271-C Cadman Plaza East, Brooklyn, NY 11201, Room 3554.

 

William X. Zou, Esq., Attorney for the Chapter 11 Debtor and Debtor in Possession
Robinson Brog Leinwand Greene Genovese & Gluck P.C., Attorney for the Chapter 11 Debtor and Debtor in Possession
Richard B. Maltz, Auctioneer DCA# 1240836
David A. Constantino, Auctioneer DCA# 1424944
Richard B. Maltz, Licensed Real Estate Broker
Phone (516) 349-7022  Fax (516) 349-0105
The Real Property is being sold “AS IS” “WHERE IS”“WITH ALL FAULTS”, without any representations, covenants, guarantees or warranties of any kind or nature, and free and clear of any liens, claims, or encumbrances of whatever kind or nature, with such liens, if any, to attach to the proceeds of sale in such order and priority as they existed immediately prior to the Closing, and the sale of the Real Property is subject to, among other things (a) any state of facts that an accurate survey may show; (b) any covenants, restrictions and easements of record; (c) any state of facts a physical inspection may show; (d) any building or zoning ordinances or other applicable municipal regulations and violations thereof; and (e) environmental conditions. By delivering their respective Deposits, all Bidders acknowledge that they have had the opportunity to review and inspect the Real Property, the state of title thereof and laws, rules and regulations applicable thereto, and will rely solely thereon and on their own independent investigations and inspections of the Real Property in making their bids. Neither Maltz, the Seller nor any of their collective representatives makes any representations or warranties with respect to the permissible uses of the Real Property including, but not limited to, the zoning of the Real Property.  All Bidders acknowledge that they have conducted their own due diligence in connection with the Real Property and are not relying on any information provided by Maltz, the Seller, or their professionals.  The Real Property will be sold subject to any and all violations or conditions requiring corrective action.  The information contained herein was derived from sources deemed reliable but is not guaranteed.  Most of the information provided has been obtained from third party sources and has not been independently verified.  It is the responsibility of the Buyer to determine the accuracy of all components of the sale and Property.  Each potential bidder is responsible for conducting his or her own independent inspections, investigations, inquiries, and due diligence concerning the Property, including without limitation, environmental and physical condition of the Property.  All prospective bidders are urged to conduct their own due diligence prior to participating in the Public Auction.  Bid rigging is illegal and suspected violations will be reported to the Department of Justice for investigation and prosecution.