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12,000+ Sq Ft Building
Bankruptcy Auction

exterior of building for sale at maltz auctions in new york
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Auction

June 23, 2015 at 11:00 am

2015-06-23 11:00AM

Property Location

695 East 132nd Street
Bronx, NY 10454

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: Twins Electric Corp., et al. • Case # 14-13408 & 14-13409 (SHL) – Jointly Administered

12,000+ Sq Ft Commercial Building in Pristine Condition

Highly Visible from RFK Triborough Bridge

Details:

  • 695 East 132nd Street, Bronx, NY 10454
  • 1st Floor:
  • 2,500 Sq Ft Office & 1,250 Sq Ft Unfinished Garage
  •   Tenant #1: 1,500 Sq Ft Office & 1,250 Sq Ft Unfinished Garage
  •     Annual Rent: $36,000
  •     Lease Expiration: December 31, 2015 (Lease Discrepancy)
  •     (1) 2- Year Renewal Option w/ 3% Annual Increase
  •     6 Offices
  •     Kitchenette
  •     Reception Area
  •     Heated Garage w/ Overhead Door to Street
  •   Tenant #2: 100 Sq Ft
  •     Annual Rent: $1,800
  •      Lease Expiration: June 30, 2016
  •     (1) 2- Year Renewal Option w/ 3% Annual Increase
  •      100 Sq Ft Office
  • 2 Half Baths (Shared)
  • 2nd Floor:
  • 3,440 Sq Ft (Vacant – Previously Occupied by Debtor)
  • 10 Offices
  • Reception Area
  • Conference Room
  • Access to Rooftop
  • 2 Half Baths
  • Server Room
  • Small Outdoor Patio
  • 3rd Floor & 4th Floor:
  • 5,000 Sq Ft – Single Tenant
  • Annual Rent: $87,600
  • Lease Expiration: December 31, 2017
  • (1) 5-Year Renewal Option
  •   3rd Floor:
  •    7 Offices
  •    Break Room w/ Kitchenette
  •    2 Half Baths
  •   4th Floor:
  •    8 Offices
  •    Conference Room
  •    Break Room w/ Kitchenette
  •    2 Half Baths
  • Additional Information:
  • Block: 2561 Lot: 80
  • Lot Size: 4,125 Sq Ft (.095 Acres)
  • Lot Dimensions: 37’5″ Wide x 110′ Deep
  • Zoning: M1-2
  • Elevator Services All 4 Floors
  • 7 Electrical Meters
  •     2 Meters for 1st Floor
  •     1 Meter for 2nd Floor
  •     1 Meter for 3rd Floor
  •     1 Meter for 4th Floor
  •     1 Public Lighting Panel (PLP) Meter
  •     1 Meter for Cell Tower
  • 2 Gas Meters
  • Each Unit Individually Climate Controlled
  • Elevator Room Located on Rooftop
  • HVAC on Rooftop
  • Fuel: Gas
  • Cellular Income Sold Through 2017 with (3) 5-Year Extensions
  • Annual Real Estate Taxes Before Exemptions & Abatements: $40,919
  • Current Annual Real Estate Taxes: $12,692
  • $1,450,000 Minimum Bid

Inspections/Viewings:  Mondays, June 15th & 22nd from 1:00 pm – 3:00 pm.

Auction Date & Time:  Tuesday, June 23rd 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: Property will be sold free and clear of all liens, claims & encumbrances.  A $1,400,000 offer has been accepted, subject to higher bids at the auction, with the next bid to be in the minimum amount of $1,450,000.  In order to register to bid, all prospective bidders must present a cashier’s check in an amount of $145,000 made payable to “Zeichner Ellman and Krause LLP, Escrow Account”.  Closing must occur within 45 days after the auction. Successful Bidder shall be granted a 30-day extension to close if he/she posts an additional non-refundable 10% deposit.  Please download the complete Terms and Conditions of Sale.

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.

Zeichner Ellman & Krause, LLP, Attorneys for the Lender

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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 Bidders 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 bids. Neither Maltz, the Seller 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 Seller, 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 participating in the Public Auction.  Bid rigging is illegal and suspected violations will be reported to the Department of Justice for investigation and prosecution.