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3 Mixed-Use Buildings
Bankruptcy Auction

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Auction

June 24, 2021 at 11:00 am

Registration Deadline

June 23, 2021 at 4:00 pm
2021-06-24 11:00AM

Property Location

40-32, 40-34 & 40-36 74th Street
Jackson Heights, Queens, NY 11373

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Details

Bankruptcy Auction – United States Bankruptcy Court Eastern District of New York

 In re: RAHMANIA PROPERTIES, LLC., –  Case # 15-43971 – ESS

3 Building Portfolio

12 Residential Units & 3 Commercial Units

Offering Summary:

  • 40-32, 40-34 & 40-36 74th Street, Jackson Heights, Queens, NY 11373
  • 12 Residential Units (9 One-Bedroom & 3 Three-Bedroom Units)
  • 3 Commercial Units (Currently Configured as 2 with 40-34 & 40-36 Combined at First Floor and Basement)
  • Commercial Spaces Utilize Central Air/Mini Splits
  • 15,345 Gross Sq Ft
  • Fully Sprinklered Buildings
  • Current Annual Rent Roll: $550,000+
  • Annual Real Estate Taxes: $39,909.28
  • 1.5 Blocks to MTA Subway Roosevelt Ave/Jackson Heights Station (7, E, F, M & R Lines)
  • Northern Boulevard, Queens Boulevard & Brooklyn Queens Expressway Ramp within 6 Blocks
  • 3 Blocks to Elmhurst Hospital Center
  • All Building Individually Metered for Gas and Electric

Individual Building Summary:

40-32 74th Street, Jackson Heights, Queens, NY 11373

  • Block: 1305 Lot: 44
  • 5,115 Sq Ft Semi-Attached Building
  • 4 Story, 5 Unit Fully Occupied Walk-up Building
  • 4 Residential Units & 1 Commercial Unit (First Floor and Lower Level)
  • Residential Sq Ft: 3,492
  • Commercial Sq Ft: 1,623
  • (3) One Bedroom Units & (1) Three Bedroom Duplex Unit
  • Fully Occupied Building
  • R5 Zoning District
  • Building Class: S4 (Primarily Four Family with One Store or Office)
  • Year Built: 2007
  • Current Annual Rent Roll: $174,504 (Estimated)
  • Annual Real Estate Taxes: $13,478.52

40-34 74th Street, Jackson Heights, Queens, NY 11373

  • Block: 1305 Lot: 45
  • 5,115 Sq Ft Attached Building
  • 4 Story, 5 Unit Fully Occupied Walk-up Building
  • 4 Residential Units & 1 Commercial Unit (First Floor and Lower Level)
  • Residential Sq Ft: 3,492
  • Commercial Sq Ft: 1,623
  • (3) One Bedroom Units & (1) Three Bedroom Duplex Unit
  • Fully Occupied Building
  • R5 Zoning District
  • Building Class: S4 (Primarily Four Family with One Store or Office)
  • Year Built: 2007
  • Current Annual Rent Roll: $185,976 (Estimated)
  • Annual Real Estate Taxes: $12,952.24

40-36 74th Street, Jackson Heights, Queens, NY 11373

  • Block: 1305 Lot: 46
  • 5,115 Sq Ft Semi-Attached Building
  • 4 Story, 5 Unit Fully Occupied Walk-up Building
  • 4 Residential Units & 1 Commercial Unit (First Floor and Lower Level)
  • Residential Sq Ft: 3,492
  • Commercial Sq Ft: 1,623
  • (3) One Bedroom Units & (1) Three Bedroom Duplex Unit
  • Fully Occupied Building
  • R5 Zoning District
  • Building Class: S4 (Primarily Four Family with One Store or Office)
  • Handicapped Accessible Commercial Space via Elevator from Basement to 1st Floor
  • Year Built: 2007
  • Current Annual Rent Roll: $192,180 (Estimated)
  • Annual Real Estate Taxes: $13,478.52

A $5,600,000 offer has been received and accepted, subject to higher bids at the auction, with the next bid to be in the minimum amount of $5,700,000.


Inspections/Viewings: TBA.

Bidder Qualification Deliverables:  A cashier’s check in the amount of $570,000 made payable to ___________________, 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: Wednesday, June 23, 2021 by 4:00 pm.

Auction Date & Time: Thursday, June 24, 2021 at 11:00 am.  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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Richard B. Maltz, Licensed Real Estate Broker
Richard B. Maltz, Auctioneer DCA# 1240836
David A. Constantino, Auctioneer DCA# 1424944

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.