MIXED-USE BUILDING

Auction by: Maltz Auctions

Live Off-Site Auction

Began: Thursday, February 09, 2017 at 11:00 AM EST

Location: LaGuardia Airport Marriott Hotel, 102-05 Ditmars Boulevard, 102-05 Ditmars Boulevard, East Elmhurst, NY 11369

Details

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

In Re: Wilson Ave Management Corp., – Case # 16-40341 (NHL)

4,100+ Sq Ft Mixed-Use Building

Located in the Booming Bushwick Section of Brooklyn

Details:

  • 562 Wilson Avenue, Bushwick, Brooklyn, NY 11207
  • 4,125 Sq Ft Mixed-Use Building in Bushwick
  • 1 Retail/Commercial Unit and 4 Walk-Up Residential Units
  • Current Gross Income: $60,420 (3 Residential Units Occupied)
  • Projected Gross Income: $151,800 
  • First Floor: Commercial Space
  •     1,625 Sq Ft
  •     Currently Vacant
  •     Projected Monthly Rent: $5,250
  • Second Floor: 2 Residential Units Totaling 1,250 Sq Ft
  • Unit 2L:
  •     2 Bedroom
  •     1 Bath
  •     Kitchen/Living Room
  •     Vacant Unit
  •     Projected Monthly Rent: $1,800
  • Unit 2R:
  •     2 Bedroom Railroad
  •     1 Bath
  •     Kitchen/Living Room
  •     Current Monthly Rent: $1,600
  •     Month-to-Month Tenant
  •     Projected Monthly Rent:  $1,800
  • Third Floor: 2 Residential Units Totaling 1,250 Sq Ft
  • Unit 3L:
  •     2 Bedroom Railroad
  •     1 Bath
  •     Kitchen/Living Room
  •     Current Monthly Rent: $1,675
  •     Month-to-Month Tenant
  •     Projected Monthly Rent:  $2,000
  • Unit 3R:
  •     2 Bedroom Railroad
  •     1 Bath
  •     Kitchen/Living Room
  •     Current Monthly Rent: $1,760
  •     Lease Expiration: November 30, 2017
  •     Projected Monthly Rent:  $1,800
  • Additional Information:
  • Lot Size: 1,875 Sq Ft (25′ x 75′)
  • Zoning: C1-3/R6
  • Basement with Utilities
  • Each Unit Individually Metered for Electric and Cooking Gas
  • Separate Meters for Common Area Electric and Heat (Master Control)
  • Fuel: Oil
  • Annual Real Estate Taxes: $7,783.52
  • Annual Operating Expenses (Including Taxes): $32,860
  • Current Rent Roll: $60,420
  • Projected Rent Roll: $151,800
  • Projected NOI: $118,940
  • $990,000 MINIMUM BID

 

Inspection/Viewing: Mondays, January 30th & February 6th from 1:00 pm – 3:00 pm.

Auction Date & Time:  Thursday, February 9th at 11:00 am.  Registration begins at 10:00 am.

Auction Location:  NY LaGuardia Airport Marriott Hotel, 102-05 Ditmars Boulevard, East Elmhurst, NY 11369. Online & absentee bidding available with registration at least 5 business days prior to auction, please call for details. 

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 cashier’s check in the amount of $100,000 made payable to “Vogel Bach & Horn LLP, as Attorneys.”.  Please download the complete Terms of Sale. 

Buyer’s Premium: A six (6%) 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 two (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.


Vogel Bach & Horn LLP, Attorneys for the 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 Potential Buyer 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 offers. 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 submitting an offer.  Bid rigging is illegal and suspected violations will be reported to the Department of Justice for investigation and prosecution.

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