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Immediate Sale Directed via Public Auction

44-Unit Mixed-Use Corner Building

$376,300+ Rent Roll (10 Vacant Units)

3716-3720 Third Avenue, Claremont Village, Bronx, NY 10456

a/k/a 3716 Third Avenue & 530 St. Pauls Place

  • Block: 2926  Lot: 8, 9 & 52
  • 32,258 Sq Ft 5-Story Elevator Building (Access to All Floors Including Basement)
  • 41 Rent Stabilized Residential Units (29,900 Sq Ft) & 3 Commercial Units (2,358 Sq Ft)
  • Gut Renovation Completed Around 2000
  • Commercial Spaces Fully Occupied

Location:

  • 1 Block to Crotona Park (Community: Pool, Tennis, Soccer, Baseball, Amphitheater and more)
  • .6 Miles to MTA 170th Street Subway Station (B Train)
  • .67 Miles to MTA Freeman Street Subway Station (2 & 5 Trains)
  • Across Street from MTA Bus Stop (Bx15 Bus)
  • 3 Blocks to MTA Bus Stop (Bx41-SBS & BX-41 Busses)
  • Around Corner from Food Bazaar Supermarket
  • 3720 Third Ave Current lease Runs Through 2030 with CPI Increases
  • 3716 & 3718 Third Avenue are on a Single 49-year master lease with 22 years Remaining at a Very Low Base Rent, Plus Other Reimbursements, including 100% of real estate taxes
  • Leases, Rent Roll and Additional information Available in Data Room, Click Here to Sign NDA

Utilities:

  • 46 Electric Meters
    • 41 Residential Electric Meters
    • 3 Commercial Electric Meters
    • 1 PLP Meter & 1 House Meter
  • 2 Gas Meters
  • 5 Caravan by Slant-fin Boilers
  • 2 A.O. Smith Pro Series Hot Water Heaters

Additional Information:

  • Lot Area: 7,830 Sq Ft (100′ Frontage x 78.5′ Depth)
  • Zoning: R7-1 / C2-4
  • Land Use: Mixed Residential & Commercial Buildings
  • Building Class: C7- (Walk-Up Apartments – Over Six Families with Stores)
  • Year Built: 1910
  • Subject to Attorney General Approval & Regulatory Agreement
  • Annual Real Estate Tax with 420C Abatement: $5,282.12
  • $2,150,000 Opening Bid

Pre-Registration Required to Bid:  You must send in signed Terms & Conditions of Sale, signed Online Bidding Form, and a $215,000 deposit to be approved for bidding.

Auction Date: Online-Only Bidding will open Tuesday, June 18, 2024 at 11:00 am and is scheduled to close on Thursday June 20, 2024 at 11:00 am.  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: The Real Property will be sold free and clear of any and all monetary liens.  In order to register to bid, all prospective bidders must Deliver a cashier’s check in the amount of $215,000 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 before  Wednesday, June, 19th 4:00 pm.  Please download the complete Terms & Conditions of Sale.  Subject to sale prior to auction as pre-auction offers will be considered (all due diligence must be complete before submitting an offer).

Buyer’s Premium: A Six percent (6%) Buyer’s Premium will be added to the Successful Purchaser’s high bid to determine the contract price to be paid by the Successful Purchaser.

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.

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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.