BUSINESS DIVORCE BETWEEN TWO BROTHERS RESULTS IN RECEIVER ORDERED AUCTION OF PRIME DEVELOPMENT SITE IN DOWNTOWN JAMAICA, NEW YORK

Rare Opportunity to Purchase Corner Development Site in Heart of Jamaica Transit Hub

RE: Nissim Kassab v. Avraham Kasab, et al., Index No. 711061/2015

 

(Islandia, NY) May 21, 2018- Maltz Auctions, a premier full-service auction company serving the New York Metropolitan region, announced it will auction a prime 27,000+ square foot lot at the corner of Archer Avenue and 160th Street.  Surrounded by major residential and commercial development sites within the heart of Jamaica’s Transit Hub- which includes subways, the LIRR, Airtrain and busses- the property is also an Inclusionary Housing Designated Area (33% bonus FAR) and is currently zoned C6-3 (R9 Equivalent).  Maltz has already secured an $18,000,000 Stalking Horse Bid and the next acceptable bid at the auction is $18,200,000.

“The real estate market in Jamaica, New York, is thriving at the present time due to an economic resurgence in the area, which includes upwards of 3,000 new residential units, more than 200,000 additional square feet of retail space, hotels and more,” added Judge Joseph Covello.

“It’s important to note that this is a two-step bidding process,” said Maltz Auctions’ CEO, Richard Maltz. “The first step is the submission of binding, sealed bids which are due Tuesday, June 12th before 4:00 pm. The top seven highest bidders in bulk, and the top seven highest bidders for each individual offering will be invited to bid at the live auction on Thursday, June 14th.”

Offering Details: 

Bulk Offering (Offering C):

  • 92-25 160th Street & 160-05 Archer Avenue, Jamaica, NY 11433
  • 27,357 Sq Ft Corner Assemblage
  • 340’+ Street Frontage
  • Frontage on Archer Avenue: 205.77′
  • Frontage on 160th Street: 136.29′
  • Zoning: C6-3 (R9 Equivalent)

Inclusionary Housing Designated Area – up to 33% Bonus FAR

  • Block: 10101   Lots: 79 & 150
  • Annual Real Estate Taxes: $61,269

Offering A:

  • 92-25 160th Street, Jamaica, NY 11433
  • 20,240 Sq Ft Corner Lot with 256’+ Street Frontage
  • Frontage on Archer Avenue: 119.81′
  • Frontage on 160th Street: 136.29′
  • Block: 10101   Lot: 79
  • Annual Real Estate Taxes: $51,222

Offering B:

  • 160-05 Archer Avenue, Jamaica, NY 11433
  • 7,117 Sq Ft Lot with 85’+ Street Frontage
  • Frontage on Archer Avenue: 85.96′
  • Block: 10101   Lot: 150
  • Annual Real Estate Taxes: $10,047

Notable Area Redevelopment (Recent, Current & Future):

  • The Crossing at Jamaica Station: 669 Residential Units + 35,000 Sq Ft Retail
  • 147-07 94th Avenue: 522 Residential Units + 16,000 Sq Ft Retail
  • 92-23 168th Street: 389 Residential Units + 80,000 Sq Ft Retail & Community
  • 147-36 94th Avenue: 379 Residential Units
  • 150-11 89th Avenue: 324 Residential Units
  • 90-02 168th Street: 300 Residential Units + 70,000 Sq Ft Retail
  • 89-50 164th Street: 177 Residential Units + Commercial & Community
  • 92-61 165th Street: 89 Residential Units + Retail
  • 148-18 Hillside Avenue: 80 Residential Units
  • 165-20 Archer Avenue: 206-Room Holiday Inn Express Hotel
  • 92-32 Union Hall Street: 110-Room Hotel + Retail
  • 90-75 Sutphin Boulevard: 100,000 Sq Ft Hotel & Office Tower

Major Retail & Transportation:

  • Surrounding Retail/Restaurants (Partial List): Applebee’s, Burger King, Chase, Chipotle, Dollar Tree, Footlocker, GameStop, Gap, Home Depot, Jamaica Multiplex, McDonald’s, Modell’s, Old Navy, Pep Boys, Planet Fitness, Popeye’s, Starbucks, Taco Bell, The UPS Store, Verizon, Walgreens, Wendy’s & Many Other National Brands
  • Directly Across from 411,000 Sq Ft Entertainment & Retail Complex (3,300 Seat Movie Theater, 400 Vehicle Underground Parking, Walgreens, Old Navy & Many Others)
  • Adjacent to 150,000 Sq Ft Retail Development Site Known as 160-08 Jamaica Avenue – Leases Signed by National Retailers Such as Burlington Coat Factory, H&M, Marshalls & Others…
  • 1/2 Mile to Jamaica LIRR Train Station and AirTrain Service to JFK Airport
  • 2 Blocks to Jamaica Center/Parson/Archer Subway Line (E, J, Z)
  • 1/2 Block to Q85, Q111, Q112, Q113, Q114 & Q124 Bus Lines
  • 1 Block to N4, N4X, Q4, Q5, Q42, Q83 & Q84 Bus Lines
  • 1 Block to York College (15,000 Students)
  • 2 Blocks to Jamaica Performing Arts Center
  • 3 Blocks to Rufus King Park
  • 4 Blocks to The Jamaica Colosseum Mall
  • The Successful Bidder shall have the Opportunity to Conduct Phase I and II Environmental Reports.  In the Event Contamination Required by Law is Discovered, the Cost of Said Remediation Shall be Deducted from the Purchase Price (Download Terms & Conditions of Sale for Details)

 

Inspections/Viewings: Please call to arrange access within the gated premises.

Overview of Sales Process: This is a two-step bidding process.  The first step is the submission of binding, sealed bids that are due Tuesday, June 12, 2018.  The top 7 highest bidders in bulk, and the top 7 highest bidders for each individual offering will be invited to bid at the live auction on Thursday, June 14, 2018.  Please Note: If two equivalent bids are received, the best bidder will be identified as the first bid received.

Sealed Bid/Bidder Qualification Deadline: Tuesday, June 12, 2018 before 4:00 pm.  Required Bid Documents (Signed Terms and Conditions of Sale & Bidder Identification and Offer Form) and required deposit (cashier’s check) must be included for consideration.  See attached Terms & Conditions of Sale for details or call Richard Maltz (x202) for additional information.

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

Auction Date & Time: Thursday, June 14, 2018 at 11:00 am (Registration commences at 9:30 am).  Only Qualified Bidders as defined in the Terms & Conditions of Sale are qualified to participate. 

Auction Location: Sheraton LaGuardia East Hotel, 135-20 39th Avenue, Flushing, NY 11354.

Terms & Conditions of Sale: Property will be sold free & clear of all monetary liens. In order to qualify to bid, in addition to other requirements, all prospective bidders must present a cashier’s check in the amount of $500,000 for Offering A, $500,000 for Offering B, or $1,000,000 for Offering C made payable to “Joseph Covello as Escrowee”.  Within 48 hours following the auction, Successful Bidder must post a deposit in the total amount of 12.5% of the high bid.  Please download the complete Terms & Conditions of Sale.

Buyer’s Premium: A two and one half (2.5%) 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.

Broker Participation: A one half (1/2%) percent (50 basis points) 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.

 

Judge Joseph Covello, Court Appointed Receiver
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