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26,000+ SQ FT Develop Site
Receiver Ordered Auction

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Auction

June 14, 2018 at 11:00 am

2018-06-14 11:00AM

Property Location

92-25 160th Street
Jamaica, NY 11433

Auction Location

Sheraton LaGuardia East
135-20 39th Avenue
Flushing, NY 11354

Bidding Info

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Details

Receiver Ordered Auction: Nissim Kassab v. Avraham Kasab, et al., Index No. 711061/2015

26,000+ Sq Ft Prime Corner Development Site

Downtown Jamaica/Heart of Transit Hub

Bulk Offering (Offering C):

  • 92-25 160th Street & 160-05 Archer Avenue, Jamaica, NY 11433
  • 27,357 Sq Ft Corner Assemblage (26,661 Sq Ft per Survey Received 6-6-18)
  • 340’+ Street Frontage
  • Frontage on Archer Avenue: 205.65′
  • 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 (19,681 Sq Ft per Survey Received 6-6-18) 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 (6,980 Sq Ft per Survey Received 6-6-18) Lot with 85’+ Street Frontage
  • Frontage on Archer Avenue: 85.84′
  • 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)
  • $18,200,000 Minimum Bid at Auction on Offering C

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.  The Receiver, through Maltz, has received and accepted an $18,000,000 opening bid with respect to the bulk offering (Offering C) only and the next acceptable bid at auction shall be in the minimum amount of $18,200,000 for the bulk offering.  There is no minimum bid for the individual offerings (Offerings A and B).

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.  Auction held on second floor/ballroom level.

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

Have Questions? Get In Touch

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Richard B. Maltz, Auctioneer
David A. Constantino, Auctioneer
Richard B. Maltz, Licensed Real Estate Broker
Phone (516) 349-7022 Fax (516) 349-0105

The Real Property is being sold “AS IS” “WHERE IS”, “WITH ALL FAULTS”, without any representations, covenants, guarantees or warranties of any kind or nature, and free and clear of any monetary liens of whatever kind or nature, with such liens, if any, to attach to the proceeds of sale in such order and priority as they existed immediately prior to the Closing, and the sale of the Real Property is subject to, among other things (a) any state of facts that an accurate survey may show; (b) any covenants, restrictions and easements of record; (c) any state of facts a physical inspection may show;  and (d) any building or zoning ordinances or other applicable municipal regulations and violations thereof. By delivering their respective Deposits, all Bidders acknowledge that they have had the opportunity to review and inspect the Real Property (and have consulted with their architects and attorneys in regard to all aspects of the property), the state of title thereof and laws, rules and regulations applicable thereto, and will rely solely thereon and on their own independent investigations and inspections of the Real Property in making their bids. Neither Maltz, Receiver, Plaintiff, Defendant, nor any of their collective representatives makes any representations or warrantees with respect to the permissible uses of the Real Property including, but not limited to, the zoning and/or FAR of the Real Property.  All Bidders acknowledge that they have conducted their own due diligence in connection with the Real Property and are not relying on any information provided by Maltz, Receiver, Plaintiff, Defendant, nor any of their collective representatives.  The Real Property will be sold subject to any and all violations or conditions requiring corrective action.  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 to determine the accuracy of all components of the sale and 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, the 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.