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51,000+ Sq Ft Develop Site
UCC Foreclosure Auction

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Auction

July 12, 2021 at 10:00 am

Registration Deadline

July 9, 2021 at 4:00 pm
2021-07-12 10:00AM

Property Location

6 Maple Court
Queens, NY 11691

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Details

UCC Foreclosure Auction

51,000+ Sq Ft Development Site

 

Indirect Interest in 6 Maple Court (aka 204 Beach 28th St), Queens, NY 11691 Block: 15803 Lot: 0025 

  • The development site is a 51,736 SF (300×182) vacant 1.2 acre lot. This property is zoned R4A with an FAR of 1.25 and has 56,532 of buildable square feet as-of-right.
  • Located in the Far Rockaway neighborhood of Queens, the Property is a 5 minute walk from Rockaway Beach and the boardwalk, and a 10 minute walk to the Beach 36th Street A train, which lends an hour commute into Manhattan.
  • BY VIRTUE OF DEFAULT under that certain Secured Note Promissory Note effective as of August 2, 2019 (the “Note”) and that certain Mortgage,  Assignment of Leases and Rents and Security Agreement effective as of August 2, 2019 (the “Mortgage”), as secured by that certain Ownership Interests Pledge and Security Agreement (the “Pledge Agreement”), pledging the ownership interest (the “Pledged Membership Interests”) as defined in the Pledge Agreement, duly effective as of August 2, 2019, by Choy Ling Lam (the “Pledgor”), and in accordance with its rights as holder of the security, 6 Maple Court Funding LLC (the “Secured Party”) by virtue of possession of that certain Share Certificate held in accordance with Article 8 of the Uniform Commercial Code of the State of New York (the “Code”) and by that certain UCC1 Filing Statements in favor of Secured Party all in accordance with Article 9 of the Code, Maltz Auctions (“Maltz”), under the direction of Richard B. Maltz (DCA # 1240836) or David A. Constantino (DCA# 1424944) (the “Auctioneer”), will conduct a public sale consisting of the Pledged Interest (as set forth in Schedule A below), via online bidding, on  July 12, 2021 at 10:00am, in satisfaction of an indebtedness in the approximate amount of  $1,262,516.84, including principal, interest on principal and reasonable fees and costs, plus default interest through June 15, 2021, subject to open charges and all additional costs, fees and disbursements permitted by law. The Secured Party reserves the right to credit bid.

Bidder Qualification Deadline: Friday, July 9, 2021 at 4:00 pm.  Executed Terms & Conditions of Sale along with a deposit in the amount of ten (10%) of Bidders’ intended bid amount via wire transfer are required for consideration by any interested party.

Bid Delivery Location: Maltz Auctions, 39 Windsor Place, Central Islip, NY 11722.

Auction Date & Time: Monday, July 12, 2021 at 10:00 am.

Auction Location: Virtual Auction.

Terms & Conditions of Sale: See attached terms of sale for details.

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*Maltz Auctions, Inc. d/b/a Maltz Auctions is Acting as Marketing Agent
KRISS & FEUERSTEIN LLP, Attorneys for the Secured Party
Richard B. Maltz, Auctioneer DCA# 1240836
David A. Constantino, Auctioneer DCA# 1424944
Richard B. Maltz, Licensed Real Estate Broker