LONG BEACH’S ALLEGRIA HOTEL SELLS AT AUCTION FOR $27.4M

(Central Islip, NY – July 20th, 2016) – On Tuesday, July 19th, 2016- a spectacularly clear, perfect day- at around noon, the rooftop lounge of the Allegria Hotel began to fill with realtors and their clients, all interested in the hotel located in the heart of Long Beach, NY, overlooking the magnificent boardwalk, beach and ocean.

Within ten minutes of announcing the $24m opening bid, Richard Maltz, president of Maltz Auctions, an award-winning full-service auction company serving the New York metropolitan region, auctioned the stunning 143 room hotel for $27.4m. The winning bid comes after in excess of 150 entities expressed interest and executed confidentiality agreements.

This auction was authorized by order of the United States Bankruptcy Court Southern District of New York. Maltz Auctions has been retained by Kenneth P. Silverman, Esq. as chapter 11 trustee, represented by Silverman Acampora LLP.

This offering is just one of many properties – including luxury residential and commercial, distressed and non-distressed real estate – auctioned by Maltz Auctions. In addition to real estate, Maltz Auctions specializes in personal and intellectual property auctions. The company also offers expertise in liquidations, appraisals, and real estate brokerage.

For details about additional upcoming auctions visit MaltzAuctions.com.

About Maltz Auctions:

Maltz Auctions is a premier, full-service auction company specializing in creating liquidity through the auction method of marketing. Now a $100+ million company with an impeccable reputation for professionalism, integrity and success, Maltz Auctions has conducted thousands of auctions and generated over $2 billion in sales on behalf of such clients as the U.S. Bankruptcy Courts and financial institutions throughout the country, the U.S. Department of Justice, the Securities and Exchange Commission, the Internal Revenue Service, N.Y. State Department of Taxation & Finance, Court Appointed Receivers, Estate Executors and Public Administrators, as well as law firms, private individuals and corporations, nationwide. Maltz Auctions is court approved to act as auctioneers, real estate brokers and receivers. The 35-year-old firm is nationally recognized as a trusted name in excellence and achievement.