MIXED-USE BUILDING + LOT

Auction by: Maltz Auctions

Live Off-Site Auction

Began: Tuesday, July 12, 2016 at 4:00 PM EDT

Location: 1501 Broadway, 22nd Floor, Manhattan, NY 10036

Details

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

In Re: 77-79 RIVINGTON STREET REALTY LLC – Case # 14-10339 (SCC)

Corner Mixed-Use Building/Development Site

16 Residential Units – 1 Commercial Unit – Development Site (850 Buildable Sq Ft)

Details:

  • 77-79 Rivington Street, Lower East Side, Manhattan, NY 10002
  • Located at Corner of Allen Street & Rivington Street
  • Prime Location – Corner Property in Booming Local Market – Adjoins Hotel Under Construction
  • 16 Residential Units, 1 Commercial Unit & Corner Development Site (850 Buildable Sq Ft)
  • $700,000+ Projected Gross Income
  • 79 Rivington Street:
  • 8,261 Sq Ft Building (25′ x 63′)
  • Five-Story Walk-Up
  • 1,938 Sq Ft Lot (25′ 2″ x 77′)
  • 16 Residential Apartments (Rent Stabilized)
  •   14 Occupied – $338,464 Annual Income (Tremendous Upside Potential)
  •   2 Vacant – $64,800 Projected Income
  • Retail Unit
  •   Vacant
  •   Ground Floor: 1,575 Sq Ft (Appx)
  •   Basement: 1,575 Sq Ft (Appx)
  •   $200,000+ Projected Income
  • Block: 415   Lot: 62
  • 77 Rivington Street:
  • 963 Sq Ft Vacant Lot (12′ 4″ x 77′)
  • 850 Sq Ft Buildable
  • $100,000+ Projected Income (Upon Development)
  • Block: 415   Lot: 61
  • Additional Information:
  • Prime Location in Heart of Booming Local Market
  • Nearby Tenants Include American Apparel, Chase Bank, Contra, Goodfellas Pizza, Starbucks, Red Mango, Russ & Daughters Cafe, Soho House, The Hotel on Rivington & Many Others
  • Perfect 100 Ratings on Redfin’s Walk & Transit Scores
  • .2 Miles to F, J, M & Z Trains
  • .4 Miles to B & D Trains
  • Zoning: C4-4A
  • Frontage on Rivington Street: 37.5′
  • Frontage on Allen Street: 77′
  • Annual Real Estate Taxes: $152,575
  • $9,200,000 Minimum Opening Bid 

 

Inspections/Viewings: Available by appointment on Monday, July 11, 2016.

Auction Date & Time:  Tuesday, July 12, 2016 at 4:00 pm.  Registration begins at 3:30 pm.

Auction Location:  1501 Broadway, 22nd Floor, New York, NY 10036.

Terms & Conditions of Sale:  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 $900,000 made payable to “Goldberg Weprin Finkel Goldstein, as Attorneys”.   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 30 day extension.  Please download the complete Terms & Conditions of Sale. 

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 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.

  

Goldberg Weprin Finkel Goldstein LLC, Attorneys 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 Chapter 11 Debtor & Debtor in Possession, the Attorney for the Chapter 11 Debtor & Debtor in Possession 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 Chapter 11 Debtor & Debtor in Possession, the Attorney for the Chapter 11 Debtor & Debtor in Possession, 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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