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6 Building Portfolio
Bankruptcy Auction

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Auction

March 16, 2022 at 11:00 am

Registration Deadline

March 15, 2022 at 4:00 pm
2022-03-16 11:00AM

Property Location

112-16/18/20/22 101st Avenue &
101-8/10 113th Street
S. Richmond Hill, Queens, NY 11419

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Details

United States Bankruptcy Court Eastern District of New York – In Re: JS 112ST LLC, – Case No. 20-73183-REG

Offering Summary:

112-16, 112-18, 112-20, 112-22 101st Avenue &
101-8, 101-10 113th Street, S. Richmond Hill, NY 11419

  • Block: 9430  Lots: 6 & 7
  • 12 Residential Units
  • 6 Commercial Units
  • 30,154 Gross Sq Ft
  • 75 Ft Frontage on 101st Avenue
  • 100 Ft Frontage on 113st St
  • 5 Blocks to MTA Subway 111st Station (A Line)
  • 2 Miles to Resorts World Casino NYC
  • 1.8 Miles to Jamaica Train Station/Travel Hub (LIRR, MTA Subway, MTA Bus, Air Train)
  • 4 miles to JFK International Airport
  • Block: 9430  Lots: 6 & 7
  • Annual Rent Roll: $384,324
  • Projected Annual Rent Roll: $438,372 (2 Current Vacancies)
  • Annual Real Estate Taxes: $133,696.36

Inspections/Viewings: TBA.

Bidder Qualification Deliverables:  A cashier’s check in the amount of $450,000 made payable to “Kenneth Kirschenbaum, Esq. Chapter 7 Trustee”, and signed Terms & Conditions of Sale must be delivered to Maltz Auctions, 39 Windsor Place, Central Islip, NY 11722 before the Bidder Qualification Deadline.

Bidder Qualification Deadline: Tuesday, March 15, 2022 before 4:00 pm.

Auction Date & Time: Wednesday, March 16, 2022, at 11:00 am. Only Qualified Bidders as defined in Terms & Conditions of Sale are qualified to participate.

Auction Location: Virtual Auction – Credentials will be provided upon bidder qualification.  Please call Richard Maltz at 516-349-7022 x 202 with questions.

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 preregister pursuant to the Terms & Conditions of Sale.  Within 48 hours following the auction, Successful Bidder must post a deposit in the total amount of 15% of the high bid.  Please download the complete Terms & Conditions of Sale.

Buyer’s Premium: A five (5%) 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.

Additional Information Below


112-16 101st Avenue a.k.a 112-14 101st Avenue

  • Block: 9430 Lot: 6
  • 3.5 Story Mixed-Use Building
  • 2 Residential Units & 1 Commercial Unit
  • 1 – 2 Bedroom, 1 Bath Unit with 2 Balconies ($1,500 per month, No Lease)
  • 1 – 3 Bedroom, 2 Bath Duplex Unit with Balcony ($1,905 per month, Expires 12/31/21)
  • Current Commercial Unit Terms: $2,500 per month with Annual Escalations, Expires 7/31/25
  • Fully Occupied Building
  • Full Basement w/ Lower Level Parking/Storage
  • R6-B Zoning District with C2-3 Commercial Overlay
  • Years Built: 2008
  • Units Individually Metered for Gas and Electric
  • Separate Furnace and Hot Water Heater for Each Unit
  • Current Annual Rent Roll: $70,860

112-18 101st Avenue a.k.a 112-16 101st Avenue

  • Block: 9430 Lot: 7
  • 3.5 Story Mixed-Use Building
  • 2 Residential Units & 1 Commercial Unit
  • 1 – 2 Bedroom, 1 Bath Unit with 2 Balconies ($1,750 per month, Expires 12/31/21)
  • 1 – 3 Bedroom, 2 Bath Duplex Unit with Balcony ($1,700 per month, No Lease)
  • Current Commercial Unit Terms: $2,600 per month, Expires 7/31/21
  • Fully Occupied Building
  • Full Basement w/ Lower Level Parking/Storage
  • R6-B Zoning District with C2-3 Commercial Overlay
  • Years Built: 2008
  • Units Individually Metered for Gas and Electric
  • Separate Furnace and Hot Water Heater for Each Unit
  • Current Annual Rent Roll: $72,000

112-20 101st Avenue a.k.a 112-18 101st Avenue

  • Block: 9430 Lot: 7
  • 3.5 Story Mixed-Use Building
  • 2 Residential Units & 1 Commercial Unit
  • 1 – 2 Bedroom, 1 Bath Unit with 2 Balconies  ($1,905 per month, Expires 12/31/21)
  • 1 – 3 Bedroom, 2 Bath Duplex Unit with Balcony ($2,060 per month, Expires 12/31/21)
  • Commercial Space Currently Vacant (Delivered Vacant at Closing)
  • Full Basement
  • R6-B Zoning District with C2-3 Commercial Overlay
  • Years Built: 2008
  • Units Individually Metered for Gas and Electric
  • Separate Furnace and Hot Water Heater for Each Unit
  • Current Annual Rent Roll: $47,580
  • Projected Annual Rent Roll: $103,500 (Commercial Space Currently Vacant)

112-22 101st Avenue a.k.a 112-20 101st Avenue

  • Block: 9430 Lot: 7
  • 3.5 Story Mixed-Use Building
  • 2 Residential Units & 1 Commercial Unit
  • 1 – 2 Bedroom, 1 Bath Unit with 2 Balconies ($1,750 per month, Expires 12/31/21)
  • 1 – 3 Bedroom, 2 Bath Duplex Unit with Balcony ($1,957 per month, Expires 12/31/21)
  • Current Commercial Unit Terms: $3,000 Per Month, No Lease
  • Full Basement (Storage)
  • R6-B Zoning District with C2-3 Commercial Overlay
  • Years Built: 2008
  • Units Individually Metered for Gas and Electric
  • Separate Furnace and Hot Water Heater for Each Unit
  • Current Annual Rent Roll: $80,484

101-08 113th Street a.k.a 101-06 113th Street

  • Block: 9430 Lot: 7
  • 3.5 Story Mixed-Use Building
  • 2 Residential Units & 1 Commercial Unit
  • 1 – 2 Bedroom, 1 Bath Unit with 2 Balconies (Currently Vacant and Delivered Vacant at Closing)
  • 1 – 3 Bedroom, 2 Bath Duplex Unit with Balcony ($2,100 per month, Expires 6/20/21)
  • Current Commercial Unit Terms: $2,000, No Lease
  • Full Basement with Lower Level Parking/Storage
  • R6-B Zoning District with C2-3 Commercial Overlay
  • Years Built: 2008
  • Units Individually Metered for Gas and Electric
  • Separate Furnace and Hot Water Heater for Each Unit
  • Current Annual Rent Roll: $49,200
  • Projected Annual Rent Roll: $70,800 (2nd Floor Residential Currently Vacant)

101-10 113th Street

  • Block: 9430 Lot: 7
  • 3.5 Story Mixed-Use Building
  • 2 Residential Units & 1 Commercial Unit
  • 1 – 2 Bedroom, 1 Bath Unit with 2 Balconies ($1,700 per month, Expires 5/31/21)
  • 1 – 3 Bedroom, 2 Bath Duplex Unit with Balcony ($1,850 per month, No Lease)
  • Current Commercial Unit Terms: $1,800 per month, No Lease
  • Full Basement with Lower Level Parking/Storage
  • R6-B Zoning District with C2-3 Commercial Overlay
  • Years Built: 2008
  • Units Individually Metered for Gas and Electric
  • Separate Furnace and Hot Water Heater for Each Unit
  • Current Annual Rent Roll: $64,200
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Kenneth Kirschenbaum, Esq., Chapter 7 Trustee
Kirschenbaum & Kirschenbaum, Attorneys for the Chapter 7 Trustee
Richard B. Maltz, Licensed Real Estate Broker
Richard B. Maltz, Auctioneer DCA# 1240836
David A. Constantino, Auctioneer DCA# 1424944

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.