5,300+ SQ FT Office Condo
Immediate Sale Directed
April 14, 2016 at 11:00 am
1 School Street
Units 303A & 303B
Glen Cove, NY 11542
NY LaGuardia Airport Marriott
102-05 Ditmars Boulevard
East Elmhurst, NY 11369
Immediate Sale Directed via Public Auction
5,300+ Sq Ft Luxury Office Condo
Prime Location in Heart of Downtown
Adjoins Parking Garage & $50 Million Mixed-Use Redevelopment Site
- 1 School Street, Units 303A & 303B, Glen Cove, NY 11542
- Penthouse Level in Three Story Office Building
- Adjoins $50,000,000 Glen Cove Piazza (Under Development): 30,000 Sq Ft Retail & 110 Apartments
- Prime Legal, Medical or Other Professional Use – Prime User Opportunity
- Ideally Located Under One Mile to North Shore University/Glen Cove Hospital & LIRR Station
- Twelve Minutes from Long Island Expressway
- High-End/Custom Finishes Throughout (Former Prestigious Law Office)
- Building Lobby Adjoins Four Story Parking Garage (Virtually Unlimited Parking)
- Windows on Three Sides of Space
- 2 Conference Rooms
- 13 Offices
- 3 En-Suite Bathrooms & 2 Bathrooms in Third Floor Common Area
- 2 Reception Areas
- Current Tenant Overview:
- Suite 303B (2,462 Sq Ft):
- Lease Expiration: 3/31/2019
- Monthly Rent: $3,750 ($150 Escalation 4/1/2017)
- Tenant Responsibilities: Electricity
- Suite 303A (2,895 Sq Ft):
- Only 4 of 10 Offices Within this Suite
- Lease Expiration: 12/31/2016 (Early Termination by Landlord on 90 Days Notice)
- Monthly Rent: $1,200
- Additional Information:
- Annual Real Estate Taxes: $42,336.83 ($7.90/Foot)
- Annual Common Area Maintenance (CAM): $27,496.80 ($5.13/Foot)
- All Sq Ft Calculations Include Allocation to Common Area
- Last Sale in Building (2012): $182.48/Foot
- Previously Listed at $938,000 ($175/Foot)
- $345,000 Opening Bid ($64/Foot)
Inspections/Viewings: Mondays, April 4th & 11th from 12:00 noon – 2:00 pm.
Auction Date & Time: Thursday, April 14th at 11:00 am. Registration begins at 10:00 am.
Auction Location: NY LaGuardia Airport Marriott Hotel, 102-05 Ditmars Boulevard, East Elmhurst, NY 11369. Online & 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 bank check in the amount of $34,500 made payable to “Maltz Auctions, Inc.”. Please download the complete “Terms & Conditions of Sale” (available shortly).
Buyer’s Premium: An eight (8%) 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.
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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.