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Corporate Dissolution – Immediate Sale Directed via Public Auction

7 Co-Op Units (Sponsor Rights) in Elevator Building Near Brooklyn College

Prime Location – 1 Block from Booming Retail, 2 Blocks from Train & 3 Blocks from Brooklyn College

Available in Bulk, Groups or Individually

Details:

  • 720 East 31st Street, Brooklyn, NY 11210
  • Units: 2A, 4A, 4E, 5F, 6A, 7B & 7H
  • Ideally Located in East Flatbush Near Subway, Brooklyn College, Junction Mall, Target, Dallas BBQ & More
  • Building Amenities Include Roof Deck, Laundry Room & Live-in Super
  • One Block from Booming Retail District
  • Two Blocks from 2 & 5 Train
  • Three Blocks from Brooklyn College
  • Building Known as “Park Lane West”
  • 2 Decontrolled & 5 Rent Stabilized Units
  • NO BOARD APPROVAL REQUIRED
  • Free Market Units:
  •   2A: 700 Sq Ft (Appx), 1 Bedroom
  •      Maintenance: $553.31/Month
  •      Rent: $1,700/Month – Lease Expires 8/31/2015
  •      # of Shares: 36
  •   6A: 700 Sq Ft (Appx), 1 Bedroom
  •      Maintenance: $553.31/Month
  •      Rent: $1,350/Month – Lease Expires 9/30/2016 ($50 Increase in Last Yr)
  •      # of Shares: 36
  • Rent Stabilized Units:
  •   4A: 700 Sq Ft (Appx), 1 Bedroom
  •      Maintenance: $553.31/Month
  •      Rent: $857.33/Month – Lease Expires 1/31/2016
  •      # of Shares: 36
  •   4E: 600 Sq Ft (Appx), Studio
  •      Maintenance: $461.10/Month
  •      Rent: $778.89/Month – Lease Expires 2/29/2016
  •      # of Shares: 30
  •   5F: 800 Sq Ft (Appx), 1 Bedroom
  •      Maintenance: $645.54/Month
  •      Rent: $995.28/Month – Lease Expires 9/30/2016
  •      # of Shares: 42
  •   7B: 800 Sq Ft (Appx), 1 Bedroom
  •      Maintenance: $645.54/Month
  •      Rent: $825.23/Month – Lease Expires 4/30/2016
  •      # of Shares: 42
  •   7H: 850 Sq Ft (Appx), 1 Bedroom
  •      Maintenance: $691.64/Month
  •      Rent: $800.20/Month – Lease Expires 1/31/2017
  •      # of Shares: 45
  • Additional Information:
  • Unsold Shares and Sold with Holder of Unsold Share Status
  • Ideally Located Only 2 Blocks from #2/5 Subway Train and Steps from Prime Retail
  • Quick Subway Ride to Manhattan (Flatbush Avenue-Brooklyn College Station)
  • Well Maintained Building
  • Borough: Brooklyn   Block: 7558   Lot: 63
  • Unit 7C (45 Shares) Sold 12/2014 for $4,266/Share = $192,000
  • Rent Stabilized Unit Opening Bids: $30,000/Unit
  • Free Market Unit Opening Bids: $75,000/Unit 

Auction Date & Time:  Wednesday, May 13th at 11:00 am.  Registration begins at 10:00 am.

Auction Location:  New York LaGuardia Airport Marriott Hotel, 102-05 Ditmars Boulevard, East Elmhurst, NY 11369.  Online & absentee bidding available with registration at least 48 hours prior to auction, please call for details.

Terms & Conditions of Sale:  Property will be sold free and clear of all liens, claims & encumbrances.  In order to register to bid, all prospective bidders must present a cashier’s check in an amount of $10,000 for each individual unit or $70,000 for all units in bulk, made payable to “Maltz Auctions, Inc.”.  Closing must occur within 45 days after the auction. Successful Bidder shall be granted a 30-day extension to close if he/she posts an additional non-refundable 10% deposit.  Subject to sale prior to auction as pre-auction offers will be considered.  Please download the complete Terms and Conditions of Sale.

Buyer’s Premium:  A ten percent (10%) 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.

Buyer Broker Participation:  A two percent (2%) 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.

Have Questions? Get In Touch

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David R. Maltz, Auctioneer DCA# 762794
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

These assets are being sold on an “AS IS, WHERE IS” basis, and no warranty or representation, either expressed or implied, concerning the assets is made by the Seller, Auction Company or any of their Agents.  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 assets.    Each potential bidder is responsible for conducting his or her own independent inspections, investigations, inquiries, and due diligence concerning the assets, including without limitation, environmental and physical condition of the assets.  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.