16-Unit Brick Building
June 6, 2019 at 11:00 am
1596 Pacific Street
Brooklyn, NY 11223
NY LaGuardia Airport Marriott Hotel
102-05 Ditmars Boulevard
East Elmhurst, NY 11369
Bankruptcy Auction – United States Bankruptcy Court Eastern District of New York
In Re: E & J Macon LLC, et al. – Case # 18-40321-nhl
8-Unit Brick Building
Booming Neighborhood – Extensive Local Redevelopment
- 1596 Pacific Street, Crown Heights, Brooklyn, NY 11223
- 6,080 Sq Ft Brick Building + 1,520 Sq Ft Cellar
- 8 Apartments (Fully Occupied as of 4-11-2019)
- 4 Blocks to Utica Avenue MTA Subway Station (A & C Trains)
- 1 Block to MTA B15 & B65 Bus Lines
- 2 Blocks to St. John’s Park
- 1 Block to Atlantic Avenue Retail/Restaurants
- Rent Roll: $123,000+/-
- Additional Information:
- Borough: Brooklyn, Block: 1340, Lot: 38
- Building Class: Walk-Up Apartments (C1)
- Lot Size: 1,740 Sq Ft (20′ x 87′)
- Zoning: R6
- Fuel: Oil & Gas
- Individually Metered Electric (9 Meters)
- Individually Metered Gas for Cooking (8) + Heat (1 Meter)
- Heat: Gas Fired Furnace (Controlled by Landlord)
- Year Built: 1910
- Annual Real Estate Taxes: $28,377
- $2,100,000 Minimum Bid
Viewing: Wednesday, May 29th and Monday, June 3rd from 9:30 am – 11:30 am.
Overview of Sales Process: This is a two-step bidding process. The first step is the submission of binding, sealed bids that are due by 11:00 a.m. on Monday, June 3, 2019. The Qualified Bidders will be invited to bid at the live auction on Thursday, June 6, 2019 at 11:00 a.m.
Bidder Qualification Requirements: (1) A bid in an amount of not less than the amounts set forth as minimum bid (the “Qualifying Bid”). (2) An official cashier’s check made payable to “Teitelbaum Law Group, LLC, as Attorneys” in an amount equal to 10% of the Qualifying Bid. (3) Proof of funds to close on the sale. (4) Executed Terms of Sale. See Terms of Sale for details.
Bidder Qualification Deadline: Monday, June 3, 2019 before 11:00 a.m.
Bidder Qualification Delivery Location: Maltz Auctions, 39 Windsor Place, Central Islip, NY 11722.
Auction Date & Time: Thursday, June 6, 2019 at 11:00 a.m. Registration begins at 9:30 a.m.
Auction Location: NY LaGuardia Airport Marriott Hotel, 102-05 Ditmars Boulevard, East Elmhurst, NY 11369.
Terms & Conditions of Sale: Property will be sold free and clear of all monetary liens. In order to register to bid, all prospective bidders must present a cashier’s check in the amount of 10% of the Qualifying Bid made payable to “Teitelbaum Law Group, LLC, as Attorneys”. The Debtors have received and accepted a $2,000,000 offer, subject to higher bids at the auction with the next bid to be in the minimum amount of $2,100,000. Please download the complete Terms of Sale.
Buyer’s Premium: A six (6%) 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.
Buyer 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.
Teitelbaum Law Group, LLC, Attorneys for the Chapter 11 Debtor and Debtor in Possession
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.