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UCC Foreclosure Auction

Multi-Family Building


  • Indirect Interest in 565 St. Johns Place, Brooklyn, NY 11238
  • 565 St. Johns Place, Brooklyn, NY 11238 (Block 1175/ lot 0087) (the “Building”). The 5,850 square foot Building contains four stories above grade and is comprised of eight residential units, two of which units are rent controlled and the other six units which recently underwent a substantial rehab. 100% occupied. Tax class 2B – $15,000 taxes. Directly across the street from the 200-unit storied Frederick and Olmstead, the Building is centrally located within the Crown Heights neighborhood, just a few blocks from various public transportation hubs, Eastern Parkway, Prospect Park, Grand Army Plaza, and the Brooklyn Museum.
  • Diligence materials are available upon request and execution of standard confidentiality and non-disclosure agreement.
  • PLEASE TAKE NOTICE, that in accordance with applicable provisions of the Uniform Commercial Code as enacted in New York, by virtue of certain Event(s) of Default under that certain Ownership Interest Pledge and Security Agreement dated as of June 11, 2018 (the “Pledge Agreements”), executed and delivered by Zalmen Wagschal (the “Pledgor”), and in accordance with its rights as holder of the security, FYM Millbrook LLC (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 virtue of that certain UCC-1 Filing Statement made in favor of Secured Party, in accordance with Article 9 of the Code, Secured Party will offer for sale, at public auction, (i) all of Pledgor’s rights, title, and interest in and to Zev Johns LLC, a New York limited liability company (the “Pledged Entity”), and (ii) certain related rights and property relating thereto (collectively, (i) and (ii) are the “Collateral”). Secured Party’s understanding is that the principal asset of the Pledged Entity is that certain fee interest in the premise located at 565 St. Johns Place, Brooklyn, NY 11238 (the “Property”).
  • Maltz Auctions, Inc. (“Maltz”), under the direction of David Constantino or Richard Maltz (the “Auctioneer”), will conduct a public sale consisting of the Collateral (as set forth in Schedule A below), via online bidding, on December 8, 2023 at 1:00pm, in satisfaction of an indebtedness in the approximate amount of $3,268,950.03, including principal, protective advances, reasonable fees and costs, plus default interest on principal and protective advances through December 8, 2023, subject to open charges and all additional costs, fees and disbursements permitted by law.  The Secured Party reserves the right to credit bid.
    Pledged Interest

    Zalmen Wagschal, an individual


    Zev Johns LLC, a New York limited liability company


    100% membership interest

    The UCC1 was filed on October 10, 2023 with the New York Secretary of State under the Filing No. #202310100382757.
  • Pledge is on the First Mortgage Loan
  • Second Mortgage Loan: Balance as of 12/8/23: $912,109.81
  • Building Loan (3rd Position): Principal Balance as of 12/8/23: $406,913.06

Bidder Qualification Deadline: Wednesday, December 6, 2023 by 4:00 PM.  Executed Terms & Conditions of Sale along with a deposit in the amount of ten (10%) of Bidders’ intended bid amount via wire transfer are required for consideration by any interested party.

Qualification Delivery Location: Maltz Auctions, 39 Windsor Place, Central Islip, NY 11722.

Auction Date & Time: Friday, December 8, 2023 at 1:00 PM EST.

Auction Location: Virtual Auction.

Terms & Conditions of Sale: See attached terms of sale for details (coming soon).

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.

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KRISS & FEUERSTEIN LLP, Attorneys for the Secured Party
Richard B. Maltz, Auctioneer
David A. Constantino, Auctioneer
Richard B. Maltz, Licensed Real Estate Broker
Phone (516) 349-7022 Fax (516) 349-0105
*Maltz Auctions, Inc. Exclusively Acting in Capacity as Marketing Agent for Secured Party

These assets are being sold on an “AS IS, WHERE IS” basis, and no warranty or representation, either expressed or implied, concerning the asset is made by the Seller, Auction Company or any of their Agents. Maltz is acting exclusively as marketing agent for the Sellers.  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 asset.  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 asset.  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