60 NYC TAXI MEDALLIONS

Auction by: Maltz Auctions

UCC Foreclosure Auction

60 NYC Medallions

Live Off-Site Auction

Begins: Thursday, June 13, 2019 at 5:00 PM EDT

Location: Maltz Auctions, 39 Windsor Place, Central Islip, NY 11722

Live On-Site Auction

Begins: Thursday, June 20, 2019 at 2:00 PM EDT

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

Details

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UCC Foreclosure Auction

60 NYC Taxi Medallions

Bidders May Present Bids on One, Multiple or All Medallions

Details:

  • 60 NYC Taxi Medallions
  • 30 Non-Restricted Medallions
  • 20 Alternative Fuel/Hybrid Medallions
  • 10 Wheelchair Accessible Medallions
  • Stalking Horse Bidders Considered, Call Richard Maltz at 516.349.7022 x 202 for Details
  • Selling Free & Clear of All Monetary Liens

 

Overview of Sales Process: This is a two-step bidding process.  The first step is the submission of binding, sealed bids that are due Thursday, June 13, 2019.  The top 3 highest bulk bids, the top 10 highest multi-medallions bids, and the top 15 highest individual bids will be invited to bid at the live auction on Thursday, June 20, 2019.  Please Note: If two equivalent bids are received, the best bidder will be identified as the first bid received.

Sealed Bid/Bidder Qualification Deadline: Thursday, June 13, 2019 by 5:00 pm.  Required Bid Documents (Signed Terms and Conditions of Sale & Bidder Identification and Offer Form) and $20,000 per Medallion deposit (cashier’s check) must be included for consideration.  See Terms & Conditions of Sale for details or call David Constantino (x205) or Richard Maltz (x202) for additional information. 

Sealed Bid Delivery Location: Richard Maltz, Maltz Auctions, Inc., 39 Windsor Place, Central Islip, NY 11722.

Auction Date & Time: Thursday, June 20, 2019 at 2:00 pm (Registration commences at 1:00 pm).  Only Qualified Bidders as defined in the Terms & Conditions of Sale are qualified to participate. 

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

Terms & Conditions of Sale: Medallions will be sold free and clear of all monetary liens pursuant to Article 9 of the Uniform Commercial Code and the Medallions will be transferred free and clear of the obligations relating to the Taxi Improvement Fund and MTA Tax on the transfer of the Medallions comprising the collateral by the Taxi and Limousine Commission.  All prospective bidders must include a cashier’s check in the amount of $20,000 per Medallion made payable to “Zeichner Ellman & Krause, LLP, as Escrowee”.  Please download the complete Terms & Conditions of Sale. 

Buyer’s Premium: A Buyer’s Premium of six (6%) percent of the highest bid 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 may be paid to any properly licensed New York City Medallion Broker who registers a successful buyer in accordance with the Buyer Broker guidelines.  Please download the Broker Participation form for details.

 

Zeichner Ellman & Krause LLP, Attorneys for the Secured Party
 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

By delivering their respective Offers and/or Deposits, all Bidders acknowledge that they have had the opportunity to review and inspect the 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 Assets in making their bids. Neither Maltz, the Secured Party nor any of their collective representatives makes any representations or warrantees with respect to the permissible uses, quantity or condition of the Assets.  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 Secured Party, or their professionals.  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 Assets.  Each potential bidder is responsible for conducting his or her own independent inspections, investigations, inquiries, and due diligence concerning the Assets, including without limitation physical attributes of the Assets.  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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