Receiver for New York State Supreme Court Directs Immediate Sale via Public Auction
13,000+ Sq Ft Street Retail • $200,000+ Current Net Income
National Tenants • 8 Commercial Units
- 761-767 East Tremont Avenue a/k/a 1960-1976 Prospect Avenue, Bronx, NY 10460
- Borough: Bronx Block: 3106 Lot: 55
- Prime Investment Opportunity
- 8 Commercial Units (3 Vacancies on Prospect Ave)
- Current Gross Income: $290,000+
- Featured Tenants: H&R Block & Rainbow Shops
- Building Size: 13,000+ Sq Ft
- 9,000 Sq Ft Retail (5 Units, Currently Structured as 4) on Tremont Ave & 4,000+ Sq Ft Retail (3 Units) on Prospect Ave
- Rent Roll:
- H&R Block:
- Monthly Rent: $6,333.85 + 25% Total Real Estate Taxes
- Lease Expiration: 2018
- Escalations: 3% Annual
- Options: No Remaining Options
- Corporate Guarantee
- Rainbow USA:
- Monthly Rent:$13,261.25 + (Responsible for 40% of Taxes over '06-'07 Base Year as of July 1, 2014; Currently Paying 20% of Increase)
- Base Year Taxes: $23,235.18
- Lease Expiration: 2017
- Escalations: 3% Every Other Year
- Options: (2) 5 Year Options w/ Escalations
- Corporate Lease
- Dolly Furniture:
- Monthly Rent: $4,000
- Lease Expiration: Month-to-Month Tenant
- Variety Store:
- Monthly Rent: $900
- Lease Expiration: Month-to-Month Tenant
- Additional Information:
- *All Tenants Responsible for Gas, Electric & Water/Sewer
- Full Basements Throughout
- $293,941 Current Gross Annual Income
- $360,000+ Projected Gross Annual Income (Currently 3 Vacancies on Prospect Ave)
- Lot Size: 17,500 Sq Ft (100.08' x 175' - Slightly Irregular)
- Zoning: C4-4A & R7-1
- Max Allowed FAR: 4
- Max Allowed FAR/Buildable: 70,000 Sq Ft
- Tenants Responsible for Over 50% of Real Estate Taxes
- Annual Real Estate Taxes (Excluding Exemptions): $90,879
- Suggested Opening Bid: $1,400,000
Inspections/Viewings: Mondays, March 4th and 11th from 2:00 pm - 4:00 pm.
Auction Date & Time: Thursday, March 14th at 11:00 am. Registration begins at 9:30 am.
Auction Location: NY LaGuardia Airport Marriott Hotel, 102-05 Ditmars Boulevard, East Elmhurst, New York 11369.
Terms & Conditions of Sale: Property will be sold Free and Clear of all Liens, Claims & Encumbrances. In order to register to bid, all prospective bidders must present a $150,000 official bank check or bank certified check made payable to "Peter J. Mastaglio, Esq., as Receiver". Closing must occur within 30 days after the auction. Successful Bidder shall be granted one 30-day extension to close if he/she posts an additional non-refundable 10% deposit. Please download the complete Terms and Conditions of Sale.
Buyer's Premium: A six percent (6%) Buyer's Premium will be added to the successful bidder's high bid to determine the contract price to be paid by the purchaser.
Buyer Broker Participation: A two percent (2%) 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.
Peter J. Mastaglio, Esq., Court Appointed Receiver
John P. Gibbons, Jr., Esq. of Spellman Rice Schure Gibbons McDonough & Polizzi, LLP, Attorneys for the Receiver
David R. Maltz, Auctioneer DCA# 762794
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
All property sold on an "AS IS, WHERE IS" basis, and no warranty or representation, either expressed or implied, concerning the property is made by the Seller, Auction Company or any of their Agents. 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 and/or Buyer's Broker to determine the accuracy of all measurements and specifications of the 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.