UCC Foreclosure Auction
July 8, 2022 at 11:00 am
500 Eastern Parkway
Brooklyn, NY 11225
16-Unit Residential Building
- 500 Eastern Parkway, Crown Heights, Brooklyn, NY 11225
- Disposition of 100% of the membership interests in 500 EPKY LLC which is the owner of the real property located at 500 Eastern Parkway, Brooklyn, NY 11225 a/k/a Block: 01268 Lot: 0021
- The Property is a four-story residential building with 18,200 square feet.
- The Property consists of sixteen (16) residential units. Located in Crown Heights, Brooklyn, the Property is several steps away from the Nostrand Avenue/Eastern Parkway station servicing the 3 line and the President Street/Nostrand Avenue station servicing the 2/5 lines, providing an easy commute to Manhattan.
- Diligence materials are available upon request and execution of standard confidentiality and non-disclosure agreement
- BY VIRTUE OF DEFAULT under that certain Mezzanine Loan Note Promissory Note effective as of April 1, 2019 (the “Note”) as secured by that certain Pledge and Security Agreement (the “Pledge Agreement”) pledging the ownership interest (the “Pledged Membership Interests”) as defined in the Pledge Agreement, duly effective as of April 1, 2019, by Garland Shields (the “Pledgor”), and in accordance with its rights as holder of the security, Eastern Parkway Mezz Inc. (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 those certain UCC1 Filing Statements in favor of Secured Party all in accordance with Article 9 of the Code, Maltz Auctions (“Maltz”), under the direction of Richard B. Maltz (DCA # 1240836) or David A. Constantino (DCA# 1424944) (the “Auctioneer”), will conduct a public sale consisting of the Pledged Interest (as set forth in Schedule A below), via online bidding, on July 8, 2022 at 11:00am, in satisfaction of an indebtedness in the approximate amount of $656,765.46, including principal, interest on principal and reasonable fees and costs, plus default interest through July 8, 2022, subject to open charges and all additional costs, fees and disbursements permitted by law. The Secured Party reserves the right to credit bid.
- Subject to senior indebtedness in the unpaid principal amount of $1,300,000.00 and payoff amount through 7/8/2022 in the amount of $2,171,380.87.
Bidder Qualification Deadline: Tuesday, July 5, 2022 at 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.
Bid Delivery Location: Maltz Auctions, 39 Windsor Place, Central Islip, NY 11722.
Auction Date & Time: Friday, July 8, 2022 at 11:00 am EST
Auction Location: Virtual Auction.
Terms & Conditions of Sale: See attached terms of sale 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