Multi-Family Building
UCC Foreclosure Auction

Details:

• 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.
• SCHEDULE A
  

  Pledged Interest
  PLEDGOR Zalmen Wagschal, an individual	ISSUER Zev Johns LLC, a New York limited liability company	INTERESTS PLEDGED 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