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17-Unit Mixed-Use Bldg
Bankruptcy Auction

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Auction

June 9, 2022 at 1:00 pm

Registration Deadline

June 8, 2022 at 4:00 pm
2022-06-09 01:00PM

Property Location

444 East 13th Street
New York, NY 10009

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Details

Post-Confirmation Bankruptcy Auction – United States Bankruptcy Court Southern District of New York

In Re: 444 East 13 LLC – Case No. 17-23143 (RDD)

17-Unit Mixed-Use Building

1 Commercial & 16 Residential Units

444 East 13th Street, East Village, Manhattan, NY 10009

  • 10,710 Sq Ft Gross Floor Area
  • Six-Story Walk-Up Building
  • Projected Annual Rent Roll: $528,012
  • Prime Location between 1st Avenue and Avenue A
  • 24′ Frontage on 13th Street
  • Gross Residential Sq Ft: 9,104
  • Gross Commercial Sq Ft: 1,606 (Above Grade)
  • Residential Unit Breakdown:
  • 8 Free Market and 8 Rent Stabilized Units
    • (4) 1-Bedroom Units
    • (9) 2-Bedroom Units
    • (3) 3-Bedroom Units (1 Vacant)

Financials:

  • 2022 Net Operating Income: $291,860
  • 2022 Gross Annual Revenue: $471,912
  • Gross Annual Rent: $528,012 (Pro Forma Rent)
  • Gross Annual Residential REvenue: $426,732 (Currently in PLace)
  • Gross Annual Residential REvenue: $456,012 (Pro Forma Rent)
  • Gross Annual Commercial Revenue: $72,000 (Pro Forma Rent)

Additional Information:

  • Block: 440  Lot: 30
  • Lot Size: 2,504Sq Ft (24.25′ x 103.25′)
  • Building Class: C7 (Walk-Up Apartments – Over Six Families with Stores)
  • Primary Zoning: R8-B
  • Annual Real Estate Taxes: $96,524.36
  • $5,550,000 Minimum Bid

*Please Scroll down to the Documents Section of this Page and Download the Non-Disclosure Agreement.  Once Signed and Returned Access to a Data Room Will be Provided.*


Inspections/Viewings: Available by appointment.

Bidder Qualification Deliverables:  The complete Qualifying Packet as defined in the Bid Procedures (Including a wire transfer in the amount of $550,000 to Eric Horn as Plan Administrator), must be delivered to Maltz Auctions, 39 Windsor Place, Central Islip, NY 11722 before the Bidder Qualification Deadline.

Bidder Qualification Deadline: Wednesday, June 8, 2022 before 4:00 pm.

Auction Date & Time: Thursday, June 9, 2022, at 1:00 pm. Only Qualified Bidders as defined in the Bid Procedures are qualified to participate.

Auction Location: Virtual Auction – Streaming Credentials will be provided upon bidder qualification.  Bidding will occur on RemoteBidding.MaltzAuctions.com.  Please call David Constantino at 516.349.7022 x 205 with questions.

Terms & Conditions of Sale:  In order to register to bid, all prospective bidders must preregister pursuant to the Terms & Conditions of Sale.  Within 48 hours following the auction, the Successful Bidder must post a deposit in the total amount of 10% of the high bid.  Please download the complete Terms & Conditions of Sale.

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Documents

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Eric H. Horn, Plan Administrator
Richard B. Maltz, Auctioneer DCA# 1240836
David A. Constantino, Auctioneer DCA# 1424944
Richard B. Maltz, Licensed Real Estate Broker

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.