Stalled Construction Site
UCC Foreclosure Auction

UCC Foreclosure Auction

18,000+ Sq Ft Condo Development

Stalled Construction Opportunity

Details:

• 344 Butler Street a/k/a 137 4th Avenue, Park Slope, Brooklyn, NY 11217.
• Partially complete ground-up development of eleven residential condominiums and one retail condominium on the border of Park Slope and Boerum Hill.
• Comprises a 24′ x 100′ lot, with an estimated 24,000 square foot lot area.
• In its current state, the project is an 8-story, topped out development with 11,321 net saleable square feet.
• The building will also include 1,600 square feet in retail split into two units and the residential portion will include four one-bedrooms, four two-bedrooms, three three-bedrooms, and common roof space.
• An estimated $3,125,000 in hard and soft costs have been spent to date and a projected $4,650,000 is needed in hard and soft costs to complete the project.
• COLLATERAL TO BE SOLD: all of Oaks Prospects Inc.’s (“Oaks“) 10% Percentage of Membership Interests in 141 4^th Avenue LLC (the “Company“)and all of Arbie Development LLC’s (“Arbie“, collectively with Oaks, the “Pledgors“) 90.00% Percentage of Membership Interests in the Company (collectively, the “Pledged Interests“) including without limitation: (i) all right, title and interests of Pledgors in and to the Pledged Interests, together with all dividends, shareholder or member rights, subscription rights, interest, cash, instruments, new securities, and all other property arising out of, relating to, and/or declared or paid on the foregoing, and all substitutions, additions, replacements, rollovers, splits, products, and accessions for, of and/or to any of the foregoing; and (ii) all presently owned and hereafter acquired proceeds as that term is defined in the Uniform Commercial Code of all of the foregoing including, without limitation, whatever is received upon the sale, exchange, collection, any other utilization, or any disposition of any of the foregoing whether cash or non-cash proceeds or otherwise, including all money, instruments, certificates of deposit, securities, documents, chattel paper, credits, claims, demands and all other property (collectively referred to as the “Collateral”).
• PLEASE TAKE NOTICE that the above identified Collateral will be sold through a public auction (the “Sale“) on October 17, 2019 at 9:30am at the offices of Moritt Hock & Hamroff LLP, 1407 Broadway, 39^th Floor, New York, New York 10018 at the direction of Maltz Auctions (DCA# 1240836 and DCA# 1424944), pursuant to the security interest and lien held by SKW 344 BUTLER LLC (“Secured Party“) in the Collateral and its rights under a Pledge and Security Agreement dated as of December 12, 2018, which was executed by the Pledgors.
• PLEASE TAKE FURTHER NOTICE that the Collateral will be sold “AS IS, WHERE IS,” with all faults and without recourse, representation, warranty of guaranty, whether express or implied.  The real and personal property of the Company are not being sold. The Collateral is subject to liens in the approximate principal amount of $3,303,387, as of October 1, 2019 plus interest. The real and personal property of the Company are and will remain subject to mortgages in the approximate principal amount of not less than $2,622,973.
• PLEASE TAKE FURTHER NOTICE that the Sale is subject to a Six (6.00%) percent Buyer’s Premium and the Collateral will be sold only as a single lot to one purchaser. Ten (10.00%) percent of the amount of the bid accepted (the “Purchase Price“) will be required to be paid at the time and place of sale by bank check with balance of the Purchase Price to be paid within ten (10) days thereafter. Auctioneer reserves the right to verify consideration at any time before, during and after bidding and to resume or recommence the bidding in the event that proof of such consideration is not provided to the satisfaction of Auctioneer.
• PLEASE TAKE FURTHER NOTICE that Secured Party reserves the right to set a minimum Purchase Price and/or credit bid all or any portion of its secured debt at the Sale. The Sale may be adjourned from time to time at the sole discretion of Secured Party.