Viewing: Wednesday, May 29th and Monday, June 3rd from 12:00 noon – 2:00 pm.
Overview of Sales Process: This is a two-step bidding process. The first step is the submission of binding, sealed bids that are due by 11:00 a.m. on Monday, June 3, 2019. The Qualified Bidders will be invited to bid at the live auction on Thursday, June 6, 2019 at 11:00 a.m.
Bidder Qualification Requirements: (1) A bid in an amount of not less than the amounts set forth as minimum bid (the “Qualifying Bid”). (2) An official cashier’s check made payable to “Teitelbaum Law Group, LLC, as Attorneys” in an amount equal to 10% of the Qualifying Bid. (3) Proof of funds to close on the sale. (4) Executed Terms of Sale. See Terms of Sale for details.
Bidder Qualification Deadline: Monday, June 3, 2019 before 11:00 a.m.
Bidder Qualification Delivery Location: Maltz Auctions, 39 Windsor Place, Central Islip, NY 11722.
Auction Date & Time: Thursday, June 6, 2019 at 11:00 a.m. Registration begins at 9:30 a.m.
Auction Location: NY LaGuardia Airport Marriott Hotel, 102-05 Ditmars Boulevard, East Elmhurst, NY 11369.
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 present a cashier’s check in the amount of 10% of the Qualifying Bid made payable to “Teitelbaum Law Group, LLC, as Attorneys”. The Debtors have received and accepted a $1,150,000 offer, subject to higher bids at the auction with the next bid to be in the minimum amount of $1,200,000. Please download the complete Terms of Sale.
Buyer’s Premium: A six (6%) 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.
Buyer Broker Participation: A two (2%) percent 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.
Teitelbaum Law Group, LLC, Attorneys for the Chapter 11 Debtor and Debtor in Possession