Plainview, NY July 2, 2007– David R. Maltz & Co., Inc., Auctioneers / Real Estate Brokers has been directed to sell a $50 million real estate portfolio consisting of 35 properties throughout New York State. The public auction sale has been structured as a multi-day liquidation event with auctions scheduled for July 25th, August 16th, August 22nd and August 23rd. The portfolio consists of 35 commercial and residential properties ranging from multi-family housing and redevelopment opportunities to industrial and 1-4 family properties.
The properties being auctioned are located throughout Manhattan, the Bronx, Yonkers, Mount Vernon, Mount Kisco, Syracuse and Liberty, New York.
On July 25th a 56-unit, Rochester apartment building will be sold on location. This property has undergone recent renovations at a cost of nearly $500,000.00. Ranked second in growth for 2007 by Fortune magazine, this area offers tremendous upside potential to the shrewd investor.
The largest of the four auctions will take place at the New York LaGuardia Airport Marriott Hotel on August 16th, when 23 properties will be sold. This auction event is comprised of four commercial properties, fourteen 1 – 4 family residential properties and five vacant lots, all located throughout Manhattan and the Bronx. The commercial properties range from a 26-unit apartment building to a 15,000 square foot warehouse and the vacant lots encompass waterfront commercial and inland residential opportunities.
On August 22nd a 126-unit apartment complex located in Syracuse and a former hotel located in Liberty will be sold via the sealed bid auction process. Syracuse is ranked first in growth for 2007 by Fortune magazine and with a current rent roll of more than $500,000.00 this property offers an opportunity to add value by renting the nearly 25% currently vacant units. Liberty is located just minutes from the proposed $500+ million casino in Monticello. The purchaser of the former Paramount hotel will have endless redevelopment opportunities to utilize the 12+ buildings, pools and small private lake situated on more than 230 private acres.
The final multi-property auction event will take place on August 23rd at the American Legion on McLean Avenue in Yonkers. This auction will consist of five commercial properties, and three residential properties located throughout Westchester County. Featured properties include a 73-unit condo conversion with approved plans in Mount Vernon and a 10,000 square foot corner commercial building in Yonkers.
About David R. Maltz & Co., Inc.,
David R. Maltz & Co., Inc., is the premier full service auction company specializing in debt related sales. Since our inception 29 years ago, we have built a $100+ million a year corporation with an impeccable reputation for professionalism, honesty, integrity and success. We have conducted thousands of auctions on behalf of such clients as the United States Bankruptcy Courts and Financial Institutions throughout the United States, The United States Department of Justice, The Internal Revenue Service, The United States Government Small Business Administration, Law Firms, Private Individuals and Corporations, nationwide. Our Company is nationally recognized as a name in excellence and achievement.