92 KEY HOTEL, 32% COMPLETE

Auction by: Maltz Auctions

Live Off-Site Auction

Began: Tuesday, May 10, 2016 at 1:00 PM EDT

Location: Hotel on Rivington, 107 Rivington Street, Manhattan, NY 10002

Details

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

In Re: D.A.B. Group LLC – Case # 14-12057 (SCC)

92 Key Boutique Hotel – Partially Constructed

16-Story Superstructure Complete – Spectacular City Views

Details:

  • 139-141 Orchard Street, Lower East Side, Manhattan, NY 10002
  • Block-Through Site with Frontage on Orchard Street & Allen Street
  • Partially Constructed Hotel
  •   16-Story Steel Superstructure Complete
  •   Plumbing & Electrical Partially Complete
  • Fully Approved Development Site for Construction of 39,064 Sq Ft Hotel with 92 Keys
  • Spectacular City Views – Neighborhood Recently Downzoned Assuring Permanently Unobstructed Views
  • Potential Rooftop Lounge
  • Approved Under C6-1 Zoning
  • Area Zoning Recently Modified to C4-4A
  • BSA Recently Passed Four Year Extension to Complete Construction & Obtain C of O
  • Prime Location in Heart of Booming Local Market
  • Perfect 100 Ratings on Redfin’s Walk & Transit Scores
  • .2 Miles to F, J, M & Z Trains
  • .4 Miles to B & D Trains
  • Link to Aerial Video
  • Additional Information:
  • Borough: Manhattan   Block: 415   Lots: 66 & 67
  • Lot Size: 4,405 Sq Ft
  • Lot Dimensions: 50.25′ x 87.67′
  • Frontage on Orchard Street & Allen Street: 50.25′
  • Annual Real Estate Taxes: $214,505 
  • Please Complete Confidentiality Agreement for Access to the Data Room with Additional Information

 

Inspections/Viewings: Available by appointment.

Bidder Registration: Tuesday, May 10, 2016 from 11:00 am – 1:00 pm (pre-registrations accepted, call Richard Maltz for details). 

Bidder Qualification Deadline: Tuesday, May 10, 2016 before 1:00 pm.  See attached Sales Procedures for details. 

Auction Date & Time:  Tuesday, May 10, 2016 at 1:00 pm.  Only Qualified Bidders as defined in auction Sales Procedures are qualified to participate.

Auction Location:  The Hotel on Rivington, 107 Rivington Street, New York, NY 10002.

Terms & Conditions of Sale/Sales Procedures:  Property will be sold free and clear of all monetary liens. In order to register to bid, all prospective bidders must present a bank check in the amount of $2,000,000 made payable to “Silverman Acampora LLP Attorney Escrow IOLA Account”.   Within 48 hours following the auction, Successful Bidder must post a deposit in the total amount of 12.5% of the high bid.  Closing must occur within 30 days following court approval, unless Successful Bidder posts an additional 10% deposit which will provide Successful Bidder with a 30 day extension.  Please download the complete Sale Procedures. 

Buyer’s Premium:  A 2.5% percent Buyer’s Premium will be added to the Successful Bidder’s high bid to determine the contract price to be paid by the Successful Bidder.

Buyer Broker Participation:  A one half (1/2%) percent commission will be paid to any properly licensed Buyer Broker who registers a successful buyer in accordance with the Buyer Broker guidelines.  Please download the Broker Participation form for details.

  

Ronald J. Friedman, Chapter 11 Trustee
Silverman Acampora LLP, Attorneys for the Chapter 11 Trustee
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 monetary liens 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 Trustee, the Attorney for the Trustee nor any of their collective representatives makes any representations or warrantees 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 Trustee, the Attorney for the Trustee, 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.

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