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16,000+ SQ FT Building
Bankruptcy Auction

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May 26, 2016 at 11:00 am

2016-05-26 11:00AM

Property Location

2640-2652 Third Avenue
Bronx, NY 10454

Auction Location

NY LaGuardia Airport Marriott
102-05 Ditmars Boulevard
East Elmhurst, NY 11369

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Bankruptcy Auction – United States Bankruptcy Court Southern District of New York

In Re: NARCO FREEDOM, INC. – Case # 16-10123-SMB

16,600+ Sq Ft Corner Building at Traffic Light Intersection

Community Facility: Housing/Office Space


  • 2640-2652 Third Avenue, Bronx, NY 10454
  • Substance Abuse Inpatient Rehabilitation Center
  • Located in the Port Morris Section of the Bronx
  • 16,656 Sq Ft Building + Partial Basement
  • Elevator Building with Access to Each Floor & Mezzanines
  • First Floor:
  • 4,164 Sq Ft
  • 1 Executive Office
  • 1 Executive Full Bathroom
  • 3 Offices
  • 2 Open Office Areas
  • 3 Full Bathrooms
  • Second Floor:
  • 4,164 Sq Ft
  • Common Area Room (Recreation Room)
  • 6 Housing Rooms
  • 2.5 Bathrooms
  • Shower Room with 4 Stalls
  • Third Floor:
  • 4,164 Sq Ft
  • 10 Housing Rooms
  • 5 Full Bathrooms
  • Storage & Janitorial Closets
  • Fourth Floor:
  • 4,164 Sq Ft
  • 10 Housing Rooms
  • 5 Full Bathrooms
  • Storage & Janitorial Closets
  • Basement:
  • Storage Room
  • Laundry Room
  • Boiler Room
  • Mechanical Room
  • Sprinkler Room
  • Electric/Gas Meter(s)
  • Additional Information:
  • Borough: Bronx   Block: 2315   Lot: 30
  • R6 Zoning with C2-4 Commercial Overlay
  • 4,164 Sq Ft Building Footprint
  • 4,312 Sq Ft Lot (Irregular)
  • 112.78′ Frontage on Third Avenue
  • 17.46′ Frontage on East 142nd Street
  • Current Stated Land Use: Institutions and Public Facilities
  • Currently Under 420-C Tax Abatement ($0 Current Tax Obligations)
  • Annual Real Estate Taxes without Abatement: $88,415
  • Currently Occupied & Delivered Vacant at Closing
  • $3,350,000 Minimum Bid

Viewings:  Mondays, May 16th & 23rd – Available by Appointment.

Auction Date & Time:  Thursday, May 26th 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 5 business days prior to auction, please call for details.

Terms & Conditions of Sale:  Property will be sold free and clear of all monetary liens. The Trustee, through his Auctioneer, has received and accepted a $3,250,000 opening bid with the next acceptable bid to be in the minimum amount of $3,350,000.  In order to register to bid, all prospective bidders must present a bank check in the amount of $325,000 made payable to “Alan Nisselson, Esq., as Chapter 7 Trustee”.   Please download the complete Terms and Conditions of Sale.

Buyer’s Premium:  A four (4%) 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.

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Maltz Logo

Alan Nisselson, Chapter 7 Trustee
Windels Marx Lane & Mittendorf, LLP, Attorneys for the Chapter 7 Trustee
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.