143-KEY OCEANFRONT HOTEL

Auction by: Maltz Auctions

Live On-Site Auction

Began: Tuesday, July 19, 2016 at 1:00 PM EDT

Location: Allegria Hotel, 80 West Broadway, Long Beach, NY 11561

Details

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

In Re: Alrose Allegria, LLC – Case # 15-11760 (SHL) & Alrose King David, LLC – Case # 16-10536 (SHL) – Jointly Administered

143-Key Oceanfront Luxury Hotel – Fully Operating

Prime Location in the Heart of Long Beach, Directly on the Beach/Boardwalk

Long Island’s Only Luxury Oceanfront Hotel

Details:

  • The Allegria Hotel, 80 West Broadway, Long Beach, NY 11561
  • Sale Includes the Real, Personal & Intellectual Property Associated with the Allegria Hotel (Including Renowned “Atlantica on the Ocean” Restaurant and “L’Onda” Lounge & Bar)
  • Prime Location – Ideally in the Heart of Long Beach, Directly on the Boardwalk/Beach
  • Long Island’s Only Luxury Oceanfront Hotel – Tremendous Opportunity!
  • Spectacular Waterfront Views from Event Space, Restaurant & Guestrooms
  • Event Spaces Range from Conference & Wine Rooms to the 3,100+ Sq Ft Grand Ballroom & 4,600+ Sq Ft Penthouse/Rooftop (Indoor/Outdoor)
  • Oceanfront Fitness Center & Executive Offices on 8th Floor (Potential Room Conversion)
  • Rooftop Pool Adjoins/Comprises Penthouse Level Event Space (Potential Spa Conversion of Storage Room)
  • Ground Level Parking Garage (Appx 35 Valet Parking Spaces)
  • $40 Million Concrete Reinforced Boardwalk Recently Built Along 2.2 Mile Beach to Protect Against Future Water Damage
  • 20 Minutes from JFK International Airport (10 Miles)
  • 50 Minutes from Midtown Manhattan (25 Miles)
  • 7 Blocks from Long Beach Train Station
  • Professionally Operated by Highgate Management Since April 1, 2016
  • Highgate has Implemented and is Continuing to Introduce Countless Upgrades/Modifications to Enhance Safety, Efficiency & Profitability
  • Additional Information:
  • 124,405 Sq Ft Hotel + 11,932 Sq Ft Covered Parking Garage
  • 23,180 Sq Ft Lot 
  • Annual County/School Real Estate Taxes (with exemptions): $357,543.07
  • Annual City Real Estate Taxes: $244,497.88

 

Inspections/Viewings: Available by appointment.

Bidder Qualification Deadline: Monday, July 18, 2016 before 5:00 pm.  See attached Sales Procedures or call Richard Maltz (x202) for details. 

Auction Date & Time:  Tuesday, July 19, 2016 at 1:00 pm.  Only Qualified Bidders as defined in auction Sales Procedures are qualified to participate. Registration Commences at 11:00 am.

Auction Location:  The Allegria Hotel, 80 West Broadway, Long Beach, NY 11561.

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 13% 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 20 day extension.  Please download the complete Sales Procedures. 

Buyer’s Premium:  A three (3%) 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 (1%) 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.

  

Kenneth P. Silverman, Esq., Chapter 11 Trustee
SilvermanAcampora 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, Personal & Intellectual Property (the “Sale Assets”) are 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 Sale Assets 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 Sale Assets, 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 Sale Assets 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 Sale Assets including, but not limited to, the zoning of the Sale Assets.  All Bidders acknowledge that they have conducted their own due diligence in connection with the Sale Assets and are not relying on any information provided by Maltz, the Trustee, the Attorney for the Trustee, or their professionals.  The Sale Assets 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 Sale Assets.  Each potential bidder is responsible for conducting his or her own independent inspections, investigations, inquiries, and due diligence concerning the Sale Assets, including without limitation, environmental and physical condition of the Sale Assets.  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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