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Corner Mixed-Use Bldg
Bankruptcy Auction

exterior of mixed use building for sale by maltz auctions
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Auction

January 25, 2022 at 11:00 am

Registration Deadline

January 24, 2022 at 4:00 pm
2022-01-25 11:00AM

Property Location

500 West 184th Street
New York, NY 10033

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Details

United States Bankruptcy Court Southern District of New York

In Re: 500 W 184 LLC, – Case No. 21-10392 (MEW)

5,600+ Sq Ft Corner Mixed-Use Building

Prime Redevelopment Opportunity – Directly Across from Yeshiva University

  • 500 West 184th Street, Washington Heights, NYC 10033
    • a/k/a 2500 Amsterdam Avenue, Washington Heights, NYC 10033
  • 5,610 Sq Ft 5 Unit Mixed-Use Building (3 Commercial and 2 Residential Units)
  • 2,274 Sq Ft Air Rights
  • Prime Location on Corner of 184th Street and Amsterdam Avenue
  • 23′ Frontage on Amsterdam Avenue
  • Located Directly Across from Yeshiva University, Highbridge Park & 181st Street 1 Train
  • 3 Commercial (Street Level) & 2 Residential Units (top 2 Floors, 1 Floor Per)
  • Gross Residential Sq Ft: 3,300
  • Gross Commercial Sq Ft: 2,310
  • 2021 Projected Annual Income: $190,428
  • One Occupied Commercial Space:
    • Lease Commencement: 1/1/19
    • Lease Termination: 12/31/28
    • Monthly Rent: $4,244
    • 3% Annual Rent Escalation
    • Additional Rent:
      • 11% of Water and Sewer Rent Provided to the Premises Imposed by NYC
      • 100% of the Water Charges and Sewer Rent for Premises as set forth by the Sub-Meter
      • 11% of the Increase in Real Estate Tax of Base Year (’18-’19)
      • 11% of Any Special Assessment
  • 2 Vacant Commercial Spaces:
    • Projected Monthly Rent: $2,900 & $1,750 ($4,650 Total)
  • 2 Vacant Residential Units (5 Bedrooms Each):
    • Projected Monthly Rent: $3,500 Per Unit ($7,000 Total)

Additional Information:

  • Block: 2155  Lot: 86
  • Lot Size: 2,292 Sq Ft (22.92′ x 100′)
  • Building Class: S9 (Single or Multiple Dwelling with Stores)
  • Primary Zoning: R7-2
  • Tax Class: 2A
  • Annual Real Estate Taxes: $22,648
  • $2,530,309.03 Minimum bid

Inspections/Viewings: Available by appointment upon request.

Bidder Qualification Deadline: Monday, January 24, 2022 before 4:00 pm.  See Attached Bidding and Auction Procedures or Call Richard Maltz at 516-349-7022 x 202.

Auction Date & Time: Tuesday, January 25, 2022 at 11:00 Am.  Only Qualified Bidders as defined in Bidding and Auction Procedures qualified to participate.

Auction Location: Virtual Auction viewable on Zoom with Bidding via RemoteBidding.MaltzAuctions.com – Credentials will be provided upon bidder qualification.  Please call Richard Maltz at 516-349-7022 x 202 with questions.

Terms & Conditions of Sale: In order to register to bid, all prospective bidders must pre-register in accordance with the Bidding & Auction Procedures.  A Stalking-Horse Bid in the amount of $2,505,309.03 has been accepted Subject to Higher or Better Offers with a Minimum Bid of $2,530,309.03.  all prospective bidders must Pre-Qualify pursuant to the Bidding and Auction Procedures.  Please download the complete Bidding and Auction Procedures.


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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