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UCC Foreclosure Auction (Previously Adjourned) – Virtual Auction

29,557 Sq Ft Mixed-Use Building

Details:

  • Indirect Interest in 388 Broadway, New York, NY 10013 a/k/a Block: 00195 Lot: 0003
  • The Property is block-through, five-story elevatored loft mixed-use building with 26’ of frontage on Broadway and spans 29,557 rentable square feet.
  • The Property consists of one (1) retail unit and eight (8) live/work units. The retail space spans from the ground floor through to the sub-basement. On the floors above, there are 8 live/ work units, two of which are occupied by IMD tenants. Located in the desirable neighborhood of TriBeCa, Manhattan between White Street and Walker Street, the Property is several steps away from the Canal/Broadway station servicing the J/N/Q/R/Z/6 lines.
  • BY VIRTUE OF DEFAULT under that certain Note and that certain Mortgage, Security Agreement, Assignment of Leases and Rents and Fixture Filing in the principal sum of $1,500,000.00 as secured by that certain Assignment and Security Agreement (the “Pledge Agreement”) pledging the membership interest (the “Pledged Interest”) as defined in the Pledge Agreement, duly executed on August 15, 2018, by Barry Leon, ABL Venture Capital Group LLC, and 475 Washington Owners LLC a/k/a 475 Washington Avenue Owners LLC (collectively, the “Pledgor”), and in accordance with its rights as holder of the security, AC Broadway Lender LLC (the “Secured Party”), by virtue of possession of those certain Membership Certificates held in accordance with Article 8 of the Uniform Commercial Code of the State of New York (the “Code”) and by those certain UCC1 Filing Statements in favor of Secured Party all in accordance with Article 9 of the Code, Maltz Auctions (“Maltz”), under the direction of Richard B. Maltz (DCA # 1240836) or David A. Constantino (DCA# 1424944) (the “Auctioneer”), will conduct a public sale consisting of the Pledged Interest (as set forth in Schedule A below), via online bidding, on February 25, 2021 at 11:00am, in satisfaction of an indebtedness in the approximate amount of $1,892,549.32, including principal, interest on principal and reasonable fees and costs, plus default interest through February 25, 2021, subject to open charges and all additional costs, fees and disbursements permitted by law. The Secured Party reserves the right to credit bid.
  • The Pledged Interests Amount to a 69.14% interest in the entity which owns the real property described above.
  • Subject to senior indebtedness in the unpaid principal amount of $12,000,000.00 and payoff amount through 2/25/2021 in the amount of $16,879,778.89.

Bidder Qualification Deadline: Tuesday, February 23, 2021 by 3:00 pm.  Executed Terms & Conditions of Sale along with a deposit in the amount of ten (10%) of Bidders’ intended bid amount via wire transfer are required for consideration by any interested party.

Qualification Package Delivery Location: Maltz Auctions, 39 Windsor Place, Central Islip, NY 11722.

Auction Date & Time: Thursday, February 25, 2021 at 11:00 am.

Auction Location: Virtual Auction.

Terms & Conditions of Sale: See attached terms of sale for details.

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Due Diligence Documents

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Have Questions? Get In Touch

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KRISS & FEUERSTEIN 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

*Maltz Auctions, Inc. Exclusively Acting in Capacity as Marketing Agent for Secured Party

These assets are being sold on an “AS IS, WHERE IS” basis, and no warranty or representation, either expressed or implied, concerning the asset is made by the Seller, Auction Company or any of their Agents. Maltz is acting exclusively as marketing agent for the Sellers.  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 components of the sale and asset.  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 asset.  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.