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United States Bankruptcy Court SDNY

In Re: Alrose Allegria, LLC, – Case No.: 15-11760 (PB) & Alrose King David LLC, – Case No.: 16-10536 (PB)
Jointly Administered

2,350 Sq Ft Restaurant – Net Leased
20 On-Site Parking Spaces + Legal Street Parking

1984-1986 Park Street, Atlantic Beach, NY 11509

  • Occupied by Well-Known Restaurant
  • Indoor & Outdoor Dining Areas
  • Parking for 20 Vehicles + Legal Street Parking
  • 130′ Frontage on Park Street
  • 1 Block to Beach Club Row
  • 2 Blocks to Atlantic Beach Bridge
  • 3.5 Miles to Long Beach
  • Corner Location on Main Thoroughfare to/From Atlantic Beach Bridge

Lease Information:

  • Lease Term: 12/1/2015 – 2/28/2026
  • Current Annual Rent: $129,210.79
  • (1) 5-Year Renewal Option: 3/1/26 – 2/28/31
  • First Option Year Annual Rent: $133,087.11
  • 3% Annual Increases
  • Tenant Pays 100% of Taxes over Base Year 2015/2016
  • Base Year Taxes: $24,399.55

1986 Park Street:

  • Section: 58 Block: 74  Lot: 29 (a/k/a Lot Grouping 29, 30)
  • 4,000 Sq Ft Paved Lot (40′ x 100′)
  • Land Title: Restaurant, Full Service and Beverages
  • Year Built: 1928

1984 Park Street:

  • Section: 58 Block: 74  Lot: 31 (a/k/a Lot Grouping 31-35)
  • 9,000 Sq Ft Paved Lot (90′ x 100′)
  • Land Title: Paving, Blacktop or Fencing Used with Restaurants or Diners
  • 20 Parking Spaces

Additional Information:

  • Annual Real Estate Taxes (School/Town):$16,320.62
  • Annual Village Real Estate Taxes: $1,510.05
  • $910,000 Opening Bid

ONLINE BIDDING ONLY – CLICK HERE FOR ONLINE BIDDING

Bidding is available by computer (PC or Mac Only) or download of the Maltz Auctions App on the App Store or Google Play (Required for tablet and Cell Phone Devices)

  Pre-Registration Required to Bid. You Must send in signed Terms & Conditions of Sale, signed Online Bidding Form and a deposit (cashier’s check only) to be approved for bidding.

Viewing: TBA.

Pre-Registration Required to Bid:  You must send in signed Terms & Conditions of Sale, signed Online Bidding Form, and a $91,000 deposit to be approved for bidding.  All items must be received by Maltz Auctions on or before September 17, 2025 at 4:00 PM.

Auction Date: Online-Only Bidding will open Tuesday, September 16, 2025 at 11:00 AM and is scheduled to close on Thursday, September 18, 2025 at 11:00 AM.  Visit RemoteBidding.MaltzAuctions.com or download the Maltz Auctions App on the Apple Store or Google Play.

Bidding Process: If a bid is placed with less than one minute remaining, the bidding period will be extended so one minute remains for competing bids to be entered.  If any further bidding occurs, the extension timer will reset to one minute.  Once no further bidding activity occurs, the sale closes when the time runs out.

Terms & Conditions of Sale: 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 $91,000 made payable to “Kenneth P. Silverman, Esq., as Creditor Trustee of the Allegria Creditor Trust”, signed Terms & Conditions of Sale, and signed Online Bidding Form to Maltz Auctions at 39 Windsor Place, Central Islip, NY 11722 before 4:00 pm on Wednesday, September 17, 2025.

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.

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Documents

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Kenneth P. Silverman, Esq., as Creditor Trustee of the Allegria Creditor Trust
Rimon Law, Attorneys for the Chapter 11 Trustee
Richard B. Maltz, Auctioneer
Richard B. Maltz, Licensed Real Estate Broker
David A. Constantino, Auctioneer
Phone (516) 349-7022 Fax (516) 349-0105

This Property is being sold on an “AS IS, WHERE IS” basis, and no warranty or representation, either expressed or implied, concerning the Property is made by the Trustee, Attorney for the Trustee, Auction Company or any of their Agents.  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 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.