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United States Bankruptcy Court Southern District of New York

In Re: Buckingham Tower Condominium, inc. f/k/a Buckingham Owners, Inc., – Case No:. 22-22403-SHL

24 Waterfront Condos – Sponsor Rights – Located on the Hudson River

Available in Three Tranches

615 Warburton Avenue, Yonkers, NY

  • The Auction will be conducted in 3 Tranches
    • Tranche A: 19 18 Condominiums in Bulk
    • Tranche B: 4 3 Condominiums in Bulk
    • Tranche C: 1L, 5L & 7F Sold Individually
  • The Auction Will be Conducted via the Multi-Par Bidding Process, Bids will be placed for Each Tranche and will remain open until there are no higher bids.
  • Units are Currently Considered Co-Ops & Convert to Condos Upon Sales
  • All units are occupied and will not be delivered vacant
  • See Attached “Summary Chart” in Documents Tab for Detailed Unit Information

Tranche A: 19 18 Units In Bulk Only

  • Units: 2 E/F : 2H : 3B : 3C : 3E : 3K : 4D : 4E : 4J : 4L : 5H : 6D : 6G: 6H : 6J : 6N : 7C : 7D : 7F
  • The Debtor has Entered into a Stalking Horse Contract in the amount of $2,885,600 $2,756,960. the Next Acceptable Bid is $2,950,000 $2,810,000.

Tranche B: 4 3 Units In Bulk Only

  • Units: 1L : 5K : 7K : 7L
  • The Debtor has Entered into a Stalking Horse Contract in the amount of $609,290 $445,110. the Next Acceptable Bid is $625,000 $460,000.

Tranche C: Individual Units, 1L, 5L & 7F

  • Units: 1L : 5L : 7F
  • If a Qualified Bidder Places a bid by the Tranche C Deadline on an Individual Unit, Said Unit Shall be Removed from Tranche A or Tranche B, and Sold Individually. – UNIT 1L, 5L & 7F WILL BE SOLD INDIVIDUALLY.
  • Unit 1L: Current Bid is $164,500 and the Next Acceptable Bid is $168,000.
  • Unit 5L: Current Bid is $164,140 and the Next Acceptable Bid is $168,000.
  • Unit 7F: Current Bid is $129,000 and the Next Acceptable Bid is $132,000.

Inspection/Viewing: Access Unavailable.

Pre-Registration Required to Bid:  You must send in signed Terms & Conditions of Sale, and the required deposit prior to the Bidder Qualification Deadline to be approved for bidding.

Tranche C Bidder Qualification Deadline: Wednesday, March 15, 2023 at 4:00 PM.

Tranche A & B Bidder Qualification Deadline: Monday, March 27, 2023 at 4:00 PM.

Auction Date & Time: Wednesday, March 29th, 2023 at 11:00 am.  Registration begins at 10:30 am.

Auction Location:  Maltz Auction Gallery, 39 Windsor Place, Central Islip, NY 11722.

Overview of Auction Process: The Auction will be conducted in 3 Tranches as Referenced above and in the Terms and Conditions of the Sale, and will be Conducted via the Multi-Par Bidding Process. Bids will be placed for each Tranche and will remain open until there are no higher bids.

Terms & Conditions of Sale: Property will be sold free & clear of all monetary liens.   In order to register to bid, all prospective bidders must deliver the signed The Terms & Conditions of Sale, and a cashier’s check in the amount of $300,000 to bid on Tranche A, $75,000 to bid on Tranche B, and/or $20,000/unit to bid on Tranche c.  All checks shall be made payable to “Penachio Malara, LLP”.  Please download the complete Terms & Conditions of Sale.

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 (excluding current occupants & Stalking Horse Bidders) in accordance with the Buyer Broker guidelines.  Any Broker Representing a Current Occupant or Stalking Horse Bidder will NOT qualify for this compensation.  Please download the Broker Participation form for details.

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Penachio Malara LLP, Attorneys for Debtor and Debtor-in-Possession
Richard B. Maltz, Auctioneer
David A. Constantino, Auctioneer
Richard B. Maltz, Licensed Real Estate Broker
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.