STUDIO LOFT CO-OP

Auction by: Maltz Auctions

Online Pre-Bidding

Begins: Wednesday, December 09, 2020 at 11:00 AM EST

Ends: Friday, December 11, 2020 at 10:59 AM EST

Online Bidding Only

Begins: Friday, December 11, 2020 at 10:59 AM EST

Ends: Friday, December 11, 2020 at 11:00 AM EST

Details

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

In Re: SALVATORE J. LA BARCA – Case # 20-72120-AST 

 

Studio Loft Co-Op – HOA Owns Retail 

12′ Ceilings and Oversized Windows

Details:

  • 244 Madison Avenue, Unit 9J, Midtown South, Manhattan, NY 10016
  • Studio Unit with Sleeping Loft
  • Spacious Bathroom
  • Open Layout
  • Walk-In Closet
  • 12′ Ceilings and Oversized Windows
  • Flexible Building Permits Pied-a-Terre, Unlimited Subletting (after two years) and Purchasing for Children
  • HOA Owns the Building’s Commercial Space – Tenants Include Dunkin’ Donuts, UPS Store & Others
  • Building Amenities:
  • Elevator Building
  • 24-Hour Doorman
  • Live-in Super
  • Laundry Room
  • Package/Mail Room
  • Spacious Rooftop Access with NYC Skyline Views
  • Area Information:
  • Murray-Hill/Midtown Location
  • 3 Blocks Bryant Park
  • 4 Blocks to Grand Central Station (Metro-North, MTA BUS and, Subway 4/5/6/7/S Lines)
  • 5 Blocks to MTA Subway 34th Street Herald Square Station (B/D/F/M/N/Q/R/W Lines) and PATH Station
  • 5 Blocks to Times Square
  • 15 Minute Walk to Penn Station (Amtrak, Long Island Railroad, Jersey Transit & Subway Lines 1/2/3/A/C/E)
  • Additional Information:
  • Monthly Maintenance Charges: $999.40
  • Maintenance Surcharge (10/20-12/20): $426: See Board Notice 9/16 in documents section.
  • Currently Vacant & Delivered Vacant at Closing
  • $275,000 Suggested Opening Bid

 

ONLINE-ONLY BIDDING  – CLICK HERE FOR ONLINE BIDDING 

Bidding is available by computer or download of the Maltz Auctions App on the App Store or Google play 

 

Viewings: Monday, November 30th. By Appointment Only, No Walk-Ins will be Permitted. Please Click Here to Schedule. A Maximum of 2 Attendees Per Appointment. Covid Forms Must be Filled out by All Parties Prior to Entry or Acess. will be Denied (Available on Scheduling Website). Appointments are Scheduled on a First Come, First Served Basis. Additional Dates TBA.

Pre-Registration Required to Bid:  You must send in signed Terms and Conditions of Sale, signed Online Bidding Form and a $35,000 deposit to be approved for bidding.  All documents and funds must be received at least 24 hours prior to the scheduled end time of the auction, or you may not be approved to bid prior to the conclusion of the auction.

Auction Date: Online-Only bidding will open Wednesday, December 9, 2020 at 11:00 am and is scheduled to close on Friday, December 11, 2020 at 11:00 am.  Visit RemoteBidding.MaltzAuctions.com or download the Maltz Auctions App on the Apple Store or Google Play.

Bidding Process: If a bid is placed with less than one minute remaining, the bidding period will be extended so one minute remains for competing bids to be entered.  If any further bidding occurs, the extension timer will reset to one minute.  Once no further bidding activity occurs, the sale closes when the time runs out.

Terms & Conditions of Sale: 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 $35,000 made payable to “Allan B. Mendelsohn, Chapter 7 Trustee”, signed Terms & Conditions of Sale and signed Online Bidding Form to Maltz Auctions at 39 Windsor Place, Central Islip, NY 11722 twenty-four hours prior to the scheduled close of bidding.  Closing must occur within 20 days following board approval, but in no event earlier than 45 days after the auction. Successful Bidder shall be granted a single 30-day extension to close if he/she posts an additional non-refundable 10% deposit. 

 

Allan B. Mendelsohn, Chapter 7 Trustee
Rosen & Kantrow, PLLC, 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 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 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 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 Property in making their bids. Neither Maltz, the Seller nor any of their collective representatives makes any representations or warrantees with respect to the permissible uses of the Property including, but not limited to, the zoning of the Property.  All Bidders acknowledge that they have conducted their own due diligence in connection with the Property and are not relying on any information provided by Maltz, the Seller, or their professionals.  The 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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