2 Commercial Properties
UCC Foreclosure Auction

Details:

• Indirect Interest in 1982 & 1984 Fulton Street, Bedford-Stuyvesant, Brooklyn, NY 11233
• 1982 Fulton Street: 1982 Fulton Street is an approximately 3,126 SF lot zoned R7D/C2-4.
• 1984 Fulton Street: is a 5,084 SF, corner building comprised of six (6) rent-stabilized apartments.
• Diligence materials are available upon request and execution of standard confidentiality and non-disclosure agreement.
• PLEASE TAKE NOTICE, that in accordance with applicable provisions of the Uniform Commercial Code as enacted in New York, by virtue of certain Event(s) of Default under that certain Pledge Agreement dated as of February 25, 2022 (the “Pledge Agreement”), executed and delivered by TAD 1982-1984 Fulton St LLC (the “Pledgor”), and in accordance with it rights as holder of the security, 1982 Fulton Mezz Funding LLC (the “Secured Party”), by virtue of possession of those certain Certificates For Interest held in accordance with Article 8 of the Uniform Commercial Code of the State of New York (the “Code”) and by virtue of those certain UCC-1 Filing Statement made in favor of Secured Party, all in accordance with Article 9 of the Code, Secured Party will offer for sale, at public auction, (i) all of Pledgor’s right, title, and interest in and to the following: 1982 Fulton St LLC and 1984 Fulton St LLC (collectively, the “Pledged Entity”), and (ii) certain related rights and property relating thereto (collectively, (i) and (ii) are the “Collateral”). Secured Party’s understanding is that the principal asset of the Pledged Entity is that certain fee interest in real property commonly known as 1982 and 1984 Fulton Street, Brooklyn, NY (the “Property”).
• Maltz Auctions (“Maltz”), under the direction of Richard B. Maltz or David A. Constantino (individually, the “Auctioneer”), will conduct a public sale consisting of the Collateral (as set forth in Schedule A below), via online bidding, on June 20, 2024 at 2:00pm, in satisfaction of an indebtedness in the approximate amount of $223,594.12, including principal, interest on principal, and reasonable fees and costs, plus default interest through June 20, 2024, subject to open charges and all additional costs, fees and disbursements permitted by law.  The Secured Party reserves the right to credit bid.
• Subject to senior indebtedness with an Unpaid Principal Balance of $1,050,000 and a payoff amount through 6/20/2024 in the amount of $1,362,015.13.