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Bankruptcy Auction – United States Bankruptcy Court Southern District of New York

In Re: Prestige Realty Corp • Case # 13-13578 (SCC)

21,000+ Sq Ft Corner Blockthrough Redevelopment Site at Traffic Light Intersection – 5 Blocks from Yankee Stadium

Neighborhood in Midst of Rezoning – 179′ Frontage on Edward L. Grant Highway

Details:

  • 55 West 169th Street & 1297 Cromwell Avenue, Bronx, NY 10452
  • Block: 2871   Lots: 61 & 140
  • Only 5 Blocks from Yankee Stadium
  • Rare Redevelopment Opportunity with Road Frontage on Three Sides
  •    179.66′ Frontage on Edward L. Grant Highway
  •    133.49′ Frontage on West 169th Street
  •    102.21′ Frontage on Cromwell Avenue
  • Lot Size: 21,516 Sq Ft
  • Zoning: M1-2
  • Improvements: 2,016 Sq Ft Home & 3,043 Sq Ft Industrial Building
  • Annual Potential Gross Income from Month-to-Month Tenants: $168,000 (Auto Repair Shop Not Presently Paying)
  • Annual Real Estate Taxes: $40,401
  • Previously Listed at $7,000,000
  • $3,500,000 Minimum Bid

Inspections/Viewings:  Mondays, May 4th & 11th from 9:00 am – 11:00 am.

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

Auction Location:  NY 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.

Terms & Conditions of Sale: Property will be sold free and clear of all liens, claims & encumbrances.  The Chapter 11 Debtor & Debtor in Possession have received and accepted an offer in the amount of $3,450,000, subject to higher bids tendered at public auction, with the next bid to be in the minimum amount of $3,500,000.  In order to register to bid, all prospective bidders must present a cashier’s check in an amount of $350,000 made payable to “Leo Fox IOLA Escrow Account”.  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.  Please download the complete Terms and Conditions of Sale.

Buyer’s Premium:  A six percent (6%) 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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Leo Fox, Esq., Attorney for the Chapter 11 Debtor & Debtor in Possession
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

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 liens, claims, or encumbrances 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; (d) any building or zoning ordinances or other applicable municipal regulations and violations thereof; and (e) environmental conditions. By delivering their respective Deposits, all Bidders acknowledge that they have had the opportunity to review and inspect the Real 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, the Chapter 11 Debtor & Debtor in Possession 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 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, the Chapter 11 Debtor & Debtor in Possession, or their professionals.  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 and/or Buyer’s Broker 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, environmental and 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.