PERFORMING LOAN

Auction by: Maltz Auctions

Bankruptcy Auction

Secured by Commercial Building – $318,000+ Future Potential Income Stream

Live Off-Site Auction

Begins: Thursday, March 16, 2017 at 11:00 AM EDT

Location: Auctioneer’s Gallery, 39 Windsor Place, Central Islip, NY 11722

Details

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Bankruptcy Auction – United States Bankruptcy Court Eastern District of New York
In Re: Santino P. Tomaino – Case # 
15-70874-LAS

Performing Loan Secured by Commercial Building
$318,000+ Future Income Stream (Principal & Interest) 

Details:

  • Selling the Mortgage/Note Secured by the Real Property located at 1115 Smithtown Avenue, Bohemia, NY 11716
  • District: 500; Section: 213.00; Block: 02.00; Lot: 034.000
  • 950 Sq Ft Commercial Building with Bathroom & Central Air Conditioning
  • .23 Acre Lot w/ Private Parking
  • Lot Dimensions: 50′ x 200′
  • Loan Terms:
    • Commencement Date: October 1, 2013
    • Principal Balance: $290,000.00
    • Maturity Date: February 1, 2027
    • Rate: 6.25% APR (Fixed)
    • Monthly Payment: $2,675.86
    • Fully Amortizing
  • Balance (as of March 1, 2017):
  • Remainder of Term: 119 Months
  • Principal Balance: $236,885.06
  • Total Amount of Future Payments: $318,427.34
  • $135,000 Minimum Bid

 

Auction Date & Time: Thursday, March 16, 2017 at 11:00 am.  Registration commences at 10:30 am.

Auction Location: The Maltz Auction Gallery, 39 Windsor Place, Central Islip, NY 11722.  Online & absentee bidding available with registration at least 5 business days prior to auction, please call for details. 

Terms & Conditions of Sale: The Trustee has received and accepted a $128,000 opening bid, the next bid must be in the minimum amount of $135,000.  In order to register to bid, all prospective bidders must present a cashier’s check in the amount of $25,000 made payable to “Robert L. Pryor, Chapter 7 Trustee”.  Please download the complete Terms and Conditions of Sale (available shortly). 

 

Robert L. Pryor, Chapter 7 Trustee
Pryor & Mandelup, LLP, Attorneys for the Chapter 7 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 Asset(s) 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 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.  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 Asset(s).  Each potential bidder is responsible for conducting his or her own independent inspections, investigations, inquiries, and due diligence concerning the Asset(s), including without limitation, environmental and physical condition of the Property and validity/enforceability of all associated loan documents.  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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