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4,300 SQ FT Corner Building
Bankruptcy Auction

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Auction

December 16, 2015 at 2:30 pm

Property Location

740 4th Avenue
Brooklyn, NY 11232

Auction Location

US Bankruptcy Court
271 Cadman Plaza East
Brooklyn, NY 11201

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Details

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

In Re: 740 REALTY LLC – Case # 15-43754-NHL

4,300+ Sq Ft Corner Mixed-Use Building

Prime Location in Booming Downtown Market – 1 Commercial & 5 Residential Units

Details:

  • 740 4th Avenue, Brooklyn, NY 11232
  • 1 Commercial & 5 Residential Units
  • Building Size: 4,366 Sq Ft
  • Building Dimensions: 20′ x 50′
  • Tremendous Upside Potential
  • Adjacent to Hotel Development Site
  • One Block from N/D/R Train
  • Rent Overview:
  •   Current Monthly Rent Roll: $5,729.25
  •   Current Annual Rent Roll: $68,751
  •   Residential Rents Range from $462 – $900/Month
  •   Commercial Tenant (Beauty Salon) Pays $1,900/Month
  •   Commercial Lease Expires March 31, 2016
  • Additional Information:
  • County: Brooklyn   Block: 648   Lot: 42
  • Under J-51 Abatement (Expires in 2030)
  • Annual Real Estate Taxes: $2,208

 


Inspections/Viewings: Monday, December 7th from 2:00 pm – 4:00 pm & Monday, December 14th from 12:00 noon – 2:00 pm.

Auction Date & Time: Wednesday, December 16th at 2:30 pm.  Registration begins at 2:00 pm.

Auction Location: United States Bankruptcy Court, 271 Cadman Plaza East, Room 3554, Brooklyn, NY 11201.  Absentee bidding available with registration at least 5 business days prior to auction, please call for details.

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 an amount of $135,000 made payable to “LaMonica Herbst & Maniscalco LLP, as attorneys”.  Closing must occur within 45 days after the auction. Successful Bidder shall be granted a 30-day extension to close if he/she posts an additional non-refundable 10% deposit.  Please download the complete Bidding Procedures.

LaMonica Herbst & Maniscalco LLP, Attorneys for the Chapter 11 Debtor & Debtor in Possession

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David R. Maltz, Auctioneer DCA# 762794
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 Potential Buyer 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 offers. Neither Maltz, the Chapter 11 Debtor & Debtor in Possession, the Attorney for the Chapter 11 Debtor & Debtor in Possession 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 Chapter 11 Debtor & Debtor in Possession, the Attorney for the Chapter 11 Debtor & Debtor in Possession, 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 submitting an offer.  Bid rigging is illegal and suspected violations will be reported to the Department of Justice for investigation and prosecution.