15-Unit Corner Building
Immediate Sale Directed via Public Auction
June 14, 2018 at 11:00 am
1674 Park Avenue
East Harlem, NY 10035
Sheraton LaGuardia East
135-20 39th Avenue
Flushing, NY 11354
Immediate Sale Directed via Public Auction
11,000+ Sq Ft Corner Mixed-Use Building
2 Commercial & 13 Residential Units + Air Rights!
- 1674 Park Avenue, East Harlem, Manhattan, NY 10035
- Corner of East 118th Street Only 3 Blocks from 6 Train
- Heart of Recently Approved East Harlem Rezoning District
- 11,100 Sq Ft Mixed-Use Building
- 13 Residential Units Totaling 8,875 Sq Ft
- 2 Commerical Units Totaling 2,225 Sq Ft
- 6-Stories with Elevator
- Newer Construction – C of O Issued 12/2017
- New Density of 7.2 FAR & Height Restriction of 215′
- New Zoning District: R8A with C2-5 Commercial Overlay
- New Maximum Allowable Floor Area: 16,380 Sq Ft (See Attached Architect Letter)
- Unit Breakdown:
- (3) Two Bedroom Apartments (Rent from $2,500 – $3,334)
- (1) One Bedroom Apartment (Rent of $2,250)
- (9) Studio Apartments (Rent from $822 – $2,084)
- (2) Commercial Spaces (Rent of $3,908 & $4,859)
- Cellular Company Interested in Roof Rental: $9,000+ Projected Annual Rent
- Building Notes:
- Voice Intercom System and Video Surveillance
- Fully Sprinklered
- Trash Chute on Each Level (Collection in Cellar)
- P-Tac Units Throughout Residential (Heating and Cooling)
- 2-Hour Rated Exterior Walls with Brick Veneer on Exterior
- Additional Information:
- Borough: Manhattan Block: 1623 Lot: 40
- Lot Dimensions: 25.42′ Frontage x 89.5′ Depth (2,275 Sq Ft Lot)
- Building Dimensions: 25′ x 89′ (2,225 Sq Ft Coverage)
- Building Class: D7 – Elevator Apartments – Semi Fireproof with Stores
- Residential Rent Roll: $240,346 (2 Vacant Units)
- Commercial Rent Roll: $105,522
- Total Current Rent Roll: $345,868 + Verizon Roof Rental (Details Coming Soon)
- Current Rent Roll: $404,000 – Upside Rent Increase Potential + Cellular Roof Rental Potential
- Currently Year 2 of 25 Year 421a Exemption
- Annual Real Estate Taxes (Under Exemption): $24,384
- $9,300,000 Minimum Bid – Sells Regardless of Price at or Above $9,300,000
Inspections/Viewings: Mondays, June 4th & 11th from 11:00 am – 1:00 pm (limited access available, at least 1 residential unit will be available to view).
Auction Date & Time: Thursday, June 14, 2018 at 11:00 am (Registration commences at 9:30 am).
Auction Location: Sheraton LaGuardia East Hotel, 135-20 39th Avenue, Flushing, NY 11354. Auction held on second floor/ballroom level.
Terms & Conditions of Sale: Property will be sold free & clear of all monetary liens. In order to qualify to bid, in addition to other requirements, all prospective bidders must present a cashier’s check in the amount of $930,000 made payable to “Maltz Auctions”. Within 48 hours following the auction, Successful Bidder must post a deposit in the total amount of 15% of the high bid. Subject to sale prior to auction as pre-auction offers will be considered. Please download the complete Terms & Conditions of Sale.
Buyer’s Premium: A five (5%) percent 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.
Broker Participation: A two (2%) percent 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.
Have Questions? Get In Touch
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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.