28K SQ FT BLDG. $1 MILLION RR
December 22, 2020 at 2:00 pm
720 Livonia Avenue
Brooklyn, NY 11207
Bankruptcy Auction – United States Bankruptcy Court Eastern District of New York
In Re: 720 Livonia Development LLC, et al. – Case # 19-47797 (CEC) (Jointly Administered)
28,000 Sq Ft Building
$1,000,000+ Annual Rent Rate – Leased to the Hyde Leadership Charter School
- 720 Livonia Avenue, East New York, Brooklyn, NY 11207
- 28,000 Sq Ft Building (Two Stories)
- Nearing Completion of an Estimated $450,000 Renovation
- Only 1.5 Blocks from the Subway Station
- 20,000+ Sq Ft of Unused FAR
- Currently Occupied by the Hyde Leadership Charter School
- Anticipated to Operate at Full Capacity in January with 196 Students (6th – 8th Grades)
- Current Monthly Base Rent Per Lease: $89,250
- IMPORTANT UPDATE: A Lease Modification & Extension has been Executed, Extending the Term to 2031, with 3% Annual Escalations – APPROVED 12/16/2020 by Court
- 3% Annual Escalations
- Call Richard Maltz for Lease Details
- Building Overview:
- Heating & Cooling: Mini-Split Systems in Each Room
- Partial Sprinkler System
- 3 Stairwells
- 1st Floor:
- Gym (Converted Classroom Space)
- Resource Room
- Nurse Office
- Administrative Offices
- Utility Room
- 8′ Drop Ceilings (Appx. 11.5′ without Drop)
- 2nd Floor:
- 4 Full Sized Classrooms
- 6 Half Sized Classrooms
- 8′ Drop Ceilings (Appx. 12′ without Drop)
- Under Renovation (Projected November Completion)
- Location Information:
- 1.5 Blocks to MTA Van Siclen Avenue Subway Station (3 Train)
- 3 Blocks MTA New Lots Avenue & Van Siclen Avenue Bus Stops (B15, B83, M99)
- .5 Miles to MTA Livonia Avenue Subway Station (L Train)
- 1.3 Miles to LIRR East New York Train Station
- Additional Information:
- Borough: Brooklyn Block: 3826 Lot: 21
- Building Dimensions: 200′ x 70′
- Lot Size: 20,000 Sq Ft
- Residential FAR: 2.43
- Facility FAR: 4.8
- Unused FAR: 20,600 Sq Ft
- Zoning: C2-3, R6
- Fuel: Gas & Electric
- Heating & Cooling: Electric Split Systems
- Electric: Industrial Electrical System (See Photos)
- Annual Real Estate Taxes: $233,633.76
- Currently Occupied & Delivered Subject to Leasehold Interest at Closing
Inspections/Viewings: Available by Appointment.
Bidder Qualification Deliverables: A cashier’s check in the amount of $550,000 made payable to “Gregory Messer, Chapter 7 Trustee”, and signed Terms & Conditions of Sale must be delivered to Maltz Auctions, 39 Windsor Place, Central Islip, NY 11722 before the Bidder Qualification Deadline.
Bidder Qualification Deadline: Monday, December 21, 2020 before 4:00 pm.
Auction Date & Time: Tuesday, December 22, 2020 at 2:00 pm. Only Qualified Bidders as defined in Terms & Conditions of Sale are qualified to participate.
Auction Location: Virtual Auction – Credentials will be provided upon bidder qualification. Please call Richard Maltz at 516-349-7022 x 202 with questions.
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 preregister pursuant to the Terms & Conditions of Sale. Within 48 hours following the auction, Successful Bidder must post a deposit in the total amount of 15% of the high bid. Please download the complete Terms & Conditions of Sale.
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.
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Gregory Messer, Chapter 7 Trustee
LaMonica Herbst & Maniscalco, LLP, Attorneys for the Chapter 7 Trustee
Richard B. Maltz, Auctioneer DCA# 1240836
David A. Constantino, Auctioneer DCA# 1424944
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 Trustee, the Attorney for the Trustee nor any of their collective representatives makes any representations or warranties 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 Trustee, the Attorney for the Trustee, 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.