2 Commercial Buildings
Auction Postponed

UCC Foreclosure Auction

Partial Interest

2 Commercial Buildings

***AUCTION POSTPONED***

Details:

• 1335/1335B Gates Avenue, Brooklyn, NY 11221
• 1337/1337B Gates Avenue, Brooklyn, NY 11221
• Disposition of 100% of the membership interests of the Perl Weisz, which represents 35% of the membership interests of 1335 Gates LLC the owner of the land known as 1335/1335B Gates Avenue and 1337/1337B Gates Avenue, Borough of Brooklyn, State of New York.
• 1335/1335B Gates Avenue is believed to be a 3-Story Mixed-Use Building with 1 Commercial Unit & 2 Residential Units.
• 1337/1337B Gates Avenue is believed to be a 3-Story Building with 15 Residential Units.
• The Properties are three blocks from the Myrtle/Wyckoff Avenue MTA Station servicing the “L” and “M” Train.
• 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 March 2020 (the “Note”) as secured by that certain Pledge and Security Agreement (the “Pledge Agreement”), pledging ownership interest (the “Pledged Membership Interests”) as defined in the Pledge Agreement, duly effective as of March 2020, by Perl Weisz (the “Pledgor”) 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 or David A. Constantino (the “Auctioneer”), will conduct a public sale consisting of the Pledged Interests, via Zoom, on March 20, 2023 at 12:00 Noon, in satisfaction of an indebtedness in the approximate amount of $761,514.96 including principal, interest on principal and reasonable fees and costs, plus default interest through June 18, 2021, subject to open charges and all additional costs, fees and disbursements permitted by law. The Secured Party reserves the right to credit bid. All sales are subject to a 6% buyer’s premium.
• It is the understanding and belief of the Secured Party, but without any warranty or representation by the Secured Party as to the accuracy or completeness, that (a) the Collateral consists of 35% of the Membership Interests of the Debtor in 1335 GATES LLC and Pledgor owns 35% of the Membership Interests in 1335 GATES LLC the owner of the land known as 1335/1335B Gates Avenue and 1337/1337B Gates Avenue, Borough of Kings, State of New York.
• The collateral sold will be subject to a Mortgage and Promissory Note of Valley National Bank dated on or about December 17, 2019 in the original principal sum of $8,000,000.00.