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Details

Lender REO AUCTION

5,600 Sq Ft Mixed-Use Building

2 Commercial & 2 Residential Units

203-205 Martin Luther King Drive, Jersey City, NJ 07305

  • 2 Commercial & 2 Residential Units
  • 5,600 Sq Ft Building + Full/Unfinished Basement
  • 2 Commercial Ground Level Units
  • 2 Residential Units on 2nd Floor (Proposed Plans for (4) One Bedroom Units)
  • 45′ Frontage on Martin Luther King Drive

First Floor:

  • 2 Commercial Spaces
  • South Space: 1,380 Sq Ft + Half of Basement
  • North space: 1,380 Sq Ft + Half of Basement with 2 Half Baths

Second Floor:

  • 2 Residential Units
  • Current Layout for Each Unit: 3 Bedrooms, Full Bath, Eat-in Kitchen, Living Room & Den
  • Proposed Changes: From 2 to 4 Residential Units
  • Proposed Layout: (4) 1-Bedroom units with Full Bath, Kitchen and Living room

Additional Information:

  • Tax ID# 06-23402-23.01
  • Building FAR: 1.17
  • Building Frontage: 45′
  • .11 Acre Irregular Lot
  • Less Than 1 Miles to Journal Square Path Train
  • Year Built: 1919
  • Annual Real Estate Taxes: $7,815
  • $510,000 Opening Bid

ONLINE BIDDING ONLY – CLICK HERE TO ACCESS THE ONLINE BIDDING PLATFORM

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, Wire Transfer Only or Cash) to be approved for bidding.


Viewings: TBA.

Pre-Registration Required to Bid:  You must send in signed Terms and Conditions of Sale, signed Online Bidding Form, and a $51,000 deposit to be approved for bidding.  All documents and funds must be received by 4:00 pm on Wednesday, May 21, 2025.

Auction Date: Online-Only bidding will open Tuesday, May 20, 2025 at 12:00 Noon and is scheduled to close on Thursday, May 22, 2025 at 12:00 Noon. 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: Property will be sold free and clear of all monetary liens.  In order to register to bid, all prospective bidders must Deliver a cashier’s check in the amount of $51,000 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 by 4:00 pm on Wednesday, May 21, 2025.  Please download the complete Terms and Conditions of Sale.

Buyer’s Premium: An Eight percent (8%) 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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Documents

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The Blau & Berg Company - NJ Real Estate Brokers & Broker of Record
Richard B. Maltz, Auctioneer
David A. Constantino, Auctioneer
Phone (516) 349-7022 Fax (516) 349-0105

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.