16-Unit Building
UCC Foreclosure Auction

Details:

• 500 Eastern Parkway, Crown Heights, Brooklyn, NY 11225
• Disposition of 100% of the membership interests in 500 EPKY LLC which is the owner of the real property located at 500 Eastern Parkway, Brooklyn, NY 11225 a/k/a Block: 01268 Lot: 0021
• The Property is a four-story residential building with 18,200 square feet.
• The Property consists of sixteen (16) residential units. Located in Crown Heights, Brooklyn, the Property is several steps away from the Nostrand Avenue/Eastern Parkway station servicing the 3 line and the President Street/Nostrand Avenue station servicing the 2/5 lines, providing an easy commute to Manhattan.
• Diligence materials are available upon request and execution of standard confidentiality and non-disclosure agreement
• BY VIRTUE OF DEFAULT under that certain Mezzanine Loan Note Promissory Note effective as of April 1, 2019 (the “Note”) as secured by that certain Pledge and Security Agreement (the “Pledge Agreement”) pledging the ownership interest (the “Pledged Membership Interests”) as defined in the Pledge Agreement, duly effective as of April 1, 2019, by Garland Shields (the “Pledgor”), and in accordance with its rights as holder of the security, Eastern Parkway Mezz Inc. (the “Secured Party”) by virtue of possession of that certain Share Certificate held in accordance with Article 8 of the Uniform Commercial Code of the State of New York (the “Code”) and by those certain UCC1 Filing Statements in favor of Secured Party all in accordance with Article 9 of the Code, Maltz Auctions (“Maltz”), under the direction of Richard B. Maltz (DCA # 1240836) or David A. Constantino (DCA# 1424944) (the “Auctioneer”), will conduct a public sale consisting of the Pledged Interest (as set forth in Schedule A below), via online bidding, on July 20, 2022 at 10:00am, in satisfaction of an indebtedness in the approximate amount of  $659,765.46, including principal, interest on principal and reasonable fees and costs, plus default interest through July 14, 2022, subject to open charges and all additional costs, fees and disbursements permitted by law. The Secured Party reserves the right to credit bid.
• Subject to senior indebtedness in the unpaid principal amount of $1,300,000.00 and payoff amount through 7/8/2022 in the amount of $2,171,380.87.