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11 Luxury Condos
Bankruptcy Auction

union physical therapy located in New York City, New York
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Auction

September 17, 2015 at 11:00 am

2015-09-17 11:00AM

Property Location

31-18 Union Street
Flushing, NY 11354

Auction Location

NY LaGuardia Airport Marriott
102-05 Ditmars Boulevard
East Elmhurst, NY 11369

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Details

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

In Re: Julie & Wang Realty · Case # 15-41977 (NHL)

11 Luxury Condominium Units – Sold in Bulk Only

9 Residential & 2 Community Facility Units – Each Requires Renovation (from Minor to Major)

Details:

  • 31-18 Union Street, Flushing, NY 11354
  • 11 of 12 Units in Elevator Building Offered for Sale in Bulk Only
  • Units: 2A, 2B, 3A, 3B, 5A, 5B, 6B, 7A, 7B, CF-CA & CF-1A
  • Near Thriving Retail District and on Same Block as New Library
  • 9 Residential Condominiums:
  •    7,954 Total Sq Ft (Sellable)
  •    Units Range from 758 Sq Ft – 833 Sq Ft
  •    Private Balconies off Each Unit
  •    Floors 2, 3, 5 & 6: Each Floor is Comprised of Two Units and Each Unit Features 2 Bedrooms & 2 Bathrooms (Each Unit Has Individual Gas & Electric Meters)
  •    Floor 7: Previously Configured as (2) 3 Bedroom & 3 Bathroom Duplex Units.  Currently (Illegally) Configured as 4 Units, with 2 on 7th Floor and 2 on 8th Floor (2 Gas & Electric Meters Split Between the 4 Units)
  • Community Facility Unit Sizes:
  •      Main Floor:
  •      Unit CF-C1
  •      2,373 Sq Ft Sellable
  •      Previously Utilized as Physical Therapy Office
  •    Cellar:
  •      Unit CF-CA
  •      1,871 Sq Ft Sellable
  •      Previously Utilized as Dance Studio
  • In December of 2014 a Fire in the Top Level Condo Ultimately Led to Substantial Water Damage, Leaking Throughout Building
  • Property in Need of Extensive Renovations
  • Additional Information:
  • Borough: Queens   Block: 4414   Lots: 1201-1208 & 1210-1212
  • Central Air Conditioning
  • Individual Heating Units
  • Individual Boilers (Except 2 Shared between 4 Units on 7th Floor and 8th Floor)
  • Current Annual Real Estate Taxes: $7,058 (Reflects Abatement)
  • Highly Desirable 421-A Tax Abatement Through 2023
  • Currently Vacant & Delivered Vacant at Closing

Inspections/Viewings:  Wednesdays, September 2nd & 9th from 10:00 am – 12:00 noon.

Auction Date & Time:  Thursday, September 17th 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 business hours prior to auction, please call for details.

Terms & Conditions of Sale/Bidding Procedures: Property will be sold free and clear of all liens, claims & encumbrances. In order to register to bid, all prospective bidders must present a bank check in the amount of $300,000 made payable to “Rosenberg, Musso & Weiner, LLP Escrow Account”.  Please download the complete Bidding Procedures.

Buyer’s Premium: A four percent (4%) 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.

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Maltz Logo

Rosenberg Musso & Weiner, Attorneys for Chapter 11 Debtor & Debtor in Possession
David R. Maltz, Auctioneer DCA# 762794
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 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 Potential Buyer 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 offers. Neither Maltz, the Chapter 11 Debtor & Debtor in Possession, the Attorney for 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, the Attorney for 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 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 submitting an offer.  Bid rigging is illegal and suspected violations will be reported to the Department of Justice for investigation and prosecution.