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Bankruptcy Auction – United States Bankruptcy Court Eastern District of New York (And Non-Bankruptcy Auction)

In Re: Auto Gobbler Parts, Inc. – Case # 15-42814-ESS

110,000+ Sq Ft Industrial Assemblage

No Further Action Received from DEC 6/23/2017

Details:

  • Prime location off East 56th Street and Preston Court, East Flatbush, Brooklyn, NY 11234
  • The Trustee, through his broker, has received an accepted a $4,500,000 offer for Offering C.  The next acceptable offer at the hearing must be in the minimum amount of $4,600,000.  The sale was originally comprised of three assemblages and four offerings.  Three of the offerings (Offering A, Offering B & Offering C, {Offering C = Offering A + Offering B}) are being sold pursuant to a bankruptcy court approved settlement agreement.  Offering D is an adjacent parcel that is additionally being offered for sale outside of bankruptcy court jurisdiction and has a $3 million minimum bid.  There are 12 tax lots within the three assemblages.  The properties benefit from and surround expansive “paper roads” which are presently utilized by property occupants.  This has resulted in a tremendous benefit of approximately 26,300 sq ft of land utilized by occupants of the subject properties.  Please note that these paper roads have not proceeded through a formal abandonment process and that would be the responsibility (if desired) of the successful bidder.  Additionally, all below referenced lot sizes contemplate the property owner on either side owning 50% of the respective paper road.
  • Offerings A & B together are defined as Offering C and are being Sold in Bulk Only
  • Offering D is available for sale independently
  • 900′ from Kings Highway (Highly Accessible)
  • 1 Block to Foster Avenue
  • M1-1 Zoning
  • Currently Improved with Various Structures & Primarily Utilized as Auto Wrecking/Scrap & Parts Facility
  • Offering A: 67,286 Sq Ft Lot
  • Block: 7932   Lots: 181, 183, 197, 199, 201, 203, 206 & 212
  • Annual Real Estate Taxes: $86,629
  • Offering B: 13,200 Sq Ft Lot
  • Block: 7932   Lots: 207, 208 & 210
  • Annual Real Estate Taxes: $21,640
  • Offering C: 80,486 Sq Ft Lot
  • This Offering is for a Bulk-Only Bid on Offering A & Offering B
  • Block: 7932   Lots: 181, 183, 197, 199, 201, 203, 206 & 212
  • Block: 7932   Lots: 207, 208 & 210
  • Minimum Bid: $4,600,000
  • Offering D: 29,782 Sq Ft Lot
  • Block: 7949   Lot: 204
  • Annual Real Estate Taxes: $50,234
  • Minimum Bid: $3,000,000

Inspections/Viewings:  Available by Appointment.

Sale Hearing for Approval or Submission of Higher Offers:  Wednesday, August 16, 2017 at 10:00am.  Registration commences at 9:30 am.  Pre-Registration Strongly Encouraged.

Sale Location: The U.S. Bankruptcy Court, EDNY, Conrad B. Duberstein Courthouse, Courtroom 3585, 271 Cadman Plaza East, Brooklyn, NY 11201.

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 an amount of $450,000 for Offering C.  All checks must be made payable to “Robert J. Musso, Chapter 7 Trustee”.  All checks for Offering D must be made payable to “Maltz Auctions, Inc.” and in the amount of $300,000.

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.

Buyer Broker Participation:  A one (1%) 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.

Have Questions? Get In Touch

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Robert J. Musso, Chapter 7 Trustee
Rosenberg Musso & Weiner LLP, Attorneys for the Chapter 7 Trustee
Richard B. Maltz, Auctioneer
David A. Constantino, Auctioneer
Phone (516) 349-7022 Fax (516) 349-0105

All sizes and descriptions are estimates and should not be relied upon or deemed accurate.  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 Seller, 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.