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6 Building Portfolio
Bankruptcy Auction

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Auction

September 10, 2021 at 11:00 am

Registration Deadline

September 9, 2021 at 4:00 pm
2021-09-10 11:00AM

Property Location

264 & 276-278 West 115th Street
2120-2124 Frederick Douglass Boulevard
Harlem, Manhattan, NY 10026

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Details

Bankruptcy Auction – United States Bankruptcy Court Southern District of New York

 In re: Eight-115 Associates LLC, – Case # 20-11812 (MG)

6 Building Portfolio

57 Residential Units & 3 Commercial Units – Opportunity Zone

Offering Summary:

  • 6 Building Portfolio with an Opportunity Zone
  • 264 & 276-278 West 115th Street and 2120-2124 Frederick Douglass Boulevard, Harlem, Manhattan, NY 10026
  • 57 Residential Units (27 Studio, 15 One-Bedroom & 15 Two-Bedroom Units)
  • 3 Commercial Units
  • 44,108 Gross Sq Ft
  • Current Annual Rent Roll: $767,620.44
  • Projected Annual Rent Roll: $919,449.72
  • Annual Real Estate Taxes: $88,251.64
  • Located within New York City Opportunity Zone (Census Tract 36061021800 Map 218) – LINK TO INFO
  • 1.5 Blocks to MTA Subway 116th Street Station (C & B Lines)
  • 2.5 Blocks to MTA Subway 116th Street Station (2 & 3 Lines)
  • 1 Block to Morningside Park
  • 5 Blocks to Central Park
  • $8,100,000 Stalking Horse Bid – Next Acceptable Bid is $8,200,000
  • Please Login, Complete, and Email the Confidentiality Agreement to [email protected] for Access to the Rent Roll & DCHR’s

Inspections/Viewings: Available by Appointment.

Bidder Qualification Deliverables:  A wire transfer in the amount of $820,000 made payable to an account specified by the 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: Thursday, September 9. 2021 before 4:00 pm.

Auction Date & Time: Friday, September 10, 2021 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:  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 14% of the high bid.  Please download the complete Terms & Conditions of Sale.

Buyer’s Premium: A four (4%) 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.


264 West 115th Street, Harlem, Manhattan, NY 10026

  • Block: 1830  Lot: 53
  • 9,630 Sq Ft Building
  • 5 Story, 10 Unit Walk-up
  • 10 Rent Stabilized Units
  • (5) 2-Bedroom Units & (5) 1-Bedroom Units
  • 11 Electric Meters (10 Apartments, 1 PLP) & 2 Gas Meters (Cooking Gas & Heat and Hot Water)
  • 1 Current Vacancy
  • R7-A Zoning District
  • Building Class: C4
  • Residential FAR: 4
  • FAR as Built: 3.82
  • Unused FAR: 454 Sq Ft
  • Current Annual Rent Roll:  $170,319.00
  • Projected Annual Rent Roll: $184,924.44
  • Annual Real Estate Taxes: $17,905.64

276 West 115th Street, Harlem, Manhattan, NY 10026

  • Block: 1830  Lot: 59
  • 7,539 Sq Ft Building
  • 4 Story, 10 Unit Walk-up
  • 10 Rent Stabilized Units
  • (5) 2-Bedroom Units & (5) 1-Bedroom Units
  • 11 Electric Meters (10 Apartments, 1 PLP) & 2 Gas Meters (Cooking Gas & Heat and Hot Water)
  • 2 Current Vacancies
  • R7-A Zoning District
  • Building Class: C4
  • Residential FAR: 4
  • FAR as Built: 2.99
  • Unused FAR: 2,548 Sq Ft
  • Current Annual Rent Roll: $124,719.00
  • Projected Annual Rent Roll: $179,341.92
  • Annual Real Estate Taxes: $16,056.40

278 West 115th Street, Harlem, Manhattan, NY 10026

  • Block: 1830  Lot: 60
  • 7,539 Sq Ft Building
  • 4 Story, 10 Unit Walk-up
  • 10 Rent Stabilized Units
  • (5) 2-Bedroom Units & (5) 1-Bedroom Units
  • 11 Electric Meters (10 Apartments, 1 PLP) & 2 Gas Meters (Cooking Gas, Heat and Hot Water)
  • 1 Current Vacancy
  • R7-A Zoning District
  • Building Class: C4
  • Residential FAR: 4
  • FAR as Built: 2.99
  • Unused FAR: 2,548 Sq Ft
  • Current Annual Rent Roll: $131,893.32
  • Projected Annual Rent Roll: $157,093.32
  • Annual Real Estate Taxes: $16,163.76

2120 Frederick Douglass Boulevard, Harlem, Manhattan, NY 10026

  • Block: 1830  Lot: 64
  • 6,400 Sq Ft Building
  • 5 Story, 9 Unit Walk-up
  • 9 Residential Units & 1 Commercial Unit
  • 9 Rent Stabilized Units
  • Studio Units
  • Fully Occupied Building
  • R8-A Zoning District w/ C1-4 Commercial Overlay
  • Building Class: C7
  • Residential FAR: 6.02
  • FAR as Built: 4
  • Unused FAR: 3,232 Sq Ft
  • Basement Houses (2) Gas Meters for 2120, 2122 & 2124 Frederick Douglas Boulevard (Cooking Gas,  Heat and Hot Water)
  • Current Annual Rent Roll: $141,685.20 (Fully Occupied)
  • Annual Real Estate Taxes: $14,080.56

2122 Frederick Douglass Boulevard, Harlem, Manhattan, NY 10026

  • Block: 1830  Lot: 163
  • 6,500 Sq Ft Building
  • 5 Story, 9 Unit Walk-up
  • 9 Residential Units & 1 Commercial Unit
  • 10 Rent Stabilized Units
  • Studio Units
  • Fully Occupied Building
  • R8-A Zoning District w/ C1-4 Commercial Overlay
  • Building Class: C7
  • Residential FAR: 6.02
  • FAR as Built: 4.06
  • Unused FAR: 3,136 Sq Ft
  • Basement Houses (2) Furnaces for 2120, 2122 & 2124 Frederick Douglas Boulevard (Heat and Hot Water)
  • Current Annual Rent Roll: $116,520.60 (Fully Occupied)
  • Annual Real Estate Taxes: $12,022.64

2124 Frederick Douglass Boulevard, Harlem, Manhattan, NY 10026

  • Block: 1830  Lot:  63
  • 6,500 Sq Ft Building
  • 5 Story, 9 Unit Walk-up
  • 9 Residential Units & 1 Commercial Unit
  • 10 Rent Stabilized Units
  • Studio Units
  • Vacant Commercial Unit
  • R8-A Zoning District w/ C1-4 Commercial Overlay
  • Building Class: C7
  • Residential FAR: 6.02
  • FAR as Built: 4.06
  • Unused FAR: 3,136 Sq Ft
  • Basement Houses 31 Smart Electric Meters for 2120, 2122 & 2124 Frederick Douglas Boulevard (27 Residential, 1 PLP & 3 Commercial)
  • Current Annual Rent Roll: $82,483.61
  • Projected Annual Rent Roll: $139,884.24
  • Annual Real Estate Taxes: $12,022.64
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Yann Geron, Chapter 7 Trustee
Klestadt Winters Jureller Southard & Stevens, LLP, 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.