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2 Commercial Buildings
UCC Foreclosure Auction

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Auction

June 18, 2021 at 10:30 am

Registration Deadline

June 17, 2021 at 5:00 pm
2021-06-18 10:30AM

Property Location

1335 Gates Avenue
1337 Gates Avenue
Brooklyn, NY 11221

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Details

UCC Foreclosure Auction

Partial Interest

2 Commercial Buildings

Details:

  • 1335/1335B Gates Avenue, Brooklyn, NY 11221
  • 1337/1337B Gates Avenue, Brooklyn, NY 11221
  • Disposition of 100% of the membership interests of the Perl Weisz, which represents 35% of the membership interests of 1335 Gates LLC the owner of the land known as 1335/1335B Gates Avenue and 1337/1337B Gates Avenue, Borough of Brooklyn, State of New York.
  • 1335/1335B Gates Avenue is believed to be a 3-Story Mixed-Use Building with 1 Commercial Unit & 2 Residential Units.
  • 1337/1337B Gates Avenue is believed to be a 3-Story Building with 15 Residential Units.
  • The Properties are three blocks from the Myrtle/Wyckoff Avenue MTA Station servicing the “L” and “M” Train.
  • 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 March 2020 (the “Note”) as secured by that certain Pledge and Security Agreement (the “Pledge Agreement”), pledging ownership interest (the “Pledged Membership Interests”) as defined in the Pledge Agreement, duly effective as of March 2020, by Perl Weisz (the “Pledgor”) 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 Interests, via Zoom, on  June 18, 2021 at 10:30 am, in satisfaction of an indebtedness in the approximate amount of  $1,436,749.98, including principal, interest on principal and reasonable fees and costs, plus default interest through June 18, 2021, subject to open charges and all additional costs, fees and disbursements permitted by law. The Secured Party reserves the right to credit bid. All sales are subject to a 6% buyer’s premium.
  • It is the understanding and belief of the Secured Party, but without any warranty or representation by the Secured Party as to the accuracy or completeness, that (a) the Collateral consists of 35% of the Membership Interests of the Debtor in 1335 GATES LLC and Pledgor owns 35% of the Membership Interests in 1335 GATES LLC the owner of the land known as 1335/1335B Gates Avenue and 1337/1337B Gates Avenue, Borough of Kings, State of New York.
  • The collateral sold will be subject to a Mortgage and Promissory Note of Valley National Bank dated on or about December 17, 2019 in the original principal sum of $8,000,000.00.

Bidder Qualification Deadline: Thursday, June 17, 2021 at 5:00 pm.  Executed Terms & Conditions of Sale along with a deposit in the amount of $140,00.00 via wire transfer are required for consideration by any interested party.

Deposit Delivery Location: Maltz Auctions, 39 Windsor Place, Central Islip, NY 11722.

Auction Date & Time: Friday, June 18, 2021 at 10:30 am EST

Auction Location: Online Zoom bidding will be made available for pre-registered bidders via Maltz’s online bidding App available for download in the App Store or on Google Play and via desktop bidding at RemoteBidding.MaltzAuctions.com.

Terms & Conditions of Sale: See attached terms of sale for details.

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Due Diligence Documents

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White, Cirrito, Nally & Lynch, LLP, Attorneys for the Secured Party
Richard B. Maltz, Auctioneer DCA# 1240836
David A. Constantino, Auctioneer DCA# 1424944
Richard B. Maltz, Licensed Real Estate Broker
*Maltz Auctions, Inc. Exclusively Acting in Capacity as Marketing Agent for Secured Party
Phone (516) 349-7022 Fax (516) 349-0105

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.