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Immediate Sale Directed

16-Units – Two Adjacent Buildings

Master Leased to a Single Tenant – $265,000+ Contract Rent

Combined Offering Summary:

  • 957-959 Teller Avenue, Concourse Village, Bronx, NY 10456
  • Block:  2423  Lots: 82 & 181
  • 16 Residential Units
  • 13 One Bedrooms Units
  • 3 Studio Units
  • 1 Office (Converted a 1 Bedroom to Studio Unit + Separate Office)
  • Full Basements with Meter/Sprinkler Room, Boiler Room, and Storage
  • Fully Sprinklered Buildings
  • 12,600 Gross Sq Ft
  • 1.5 Blocks to Metro-North Melrose Station
  • 6 Blocks to Yankee Stadium
  • 5 Blocks to Joyce Kilmer Park
  • 3 Blocks to Concourse Plaza
  • MTA Bus Bx6, Bx13, and Bx32 within 3 Blocks
  • Annual Real Estate Taxes: $174.60 (with 421-A Abatement)
  • Single Master Lease on Both Buildings:
  • Initial Term:  11/26/07 – 12/31/17
  • Followed By Two 5-Year Options
    • Option 1 Term: 1/1/2018 – 12/31/2022 (3% Annual Escalations)
    • Option 2 Term: 1/1/2023 – 12/31/2027 (4% Annual Escalations)
  • Current Annual Contract Rent: $265,860
  • Total Annual Expenses Appx $25,000
  • $2,100,000 Opening Bid
  • 957 Teller Avenue:
    • Block 2423  Lot: 82
    • 7 Residential Units
    • 7 One Bedroom Units (Bedroom, Bathroom, Kitchen/Living Room Combo)
    • 1 Studio Unit
    • 6,300 Gross Sq Ft
    • Individually Metered Gas and Electric
    • Annual Real Estate Taxes: $88.20 (w/ 421-A Abatement)
  • 959 Teller Avenue:
    • Block 2423  Lot: 181
    • 8 Residential Units
    • 6 One Bedroom Units (Bedroom, Bathroom, Kitchen/Living Room Combo)
    • 2 Studio Unit
    • 1 Small Office
    • 6,300 Gross Sq Ft
    • Individually Metered Gas and Electric
    • Annual Real Estate Taxes: $88.20 (w/ 421-A Abatement)

Viewings: TBA and By Appointment Only.  A Maximum of 2 Attendees Per Appointment. Covid Related Forms Must be Filled out by All Parties Prior to Entry or Access will be Denied (Available on Scheduling Website). Appointments are scheduled on a First Come, First Served Basis. MASKS REQUIRED REGARDLESS OF VACCINATION STATUS.  Thank you in advance for your understanding and cooperation.

Pre-Registration Required to Bid:  You must send in signed Terms & Conditions of Sale, signed Online Bidding Form and a $210,000 deposit to be approved for bidding.

Auction Date: Online-Only bidding will open Tuesday, July 13, 2021 at 1:00 pm and is scheduled to close on Thursday, July 15, 2021 at 1:00 pm. 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 $210,000 made payable to “Maltz Auctions”, signed Terms & Conditions of Sale, and signed Online Bidding Form to Maltz Auctions at 39 Windsor Place, Central Islip, NY 11722 twenty-four hours prior to the scheduled close of bidding.  Closing must occur within 45 days following the auction.  Successful Bidder shall be granted a single 30-day extension to close if he/she posts an additional non-refundable 10% deposit.

Buyer’s Premium: A six percent (6%) 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 two percent (2%) 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.

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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.