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UCC Foreclosure Auction

6-Unit Residential Building

East Harlem, Manhattan, NY

Details:

  • 11 West 126th Street, East Harlem, NY 10027
    The land located at 11 West 126th Street, New York, NY 10027 (Block 1724/ Lot 0030), together with the building and other improvements thereon (“Building”). The elevator building contains six stories above grade and is comprised of six residential units (five full floor units, and one duplex unit consisting of the ground floor and a lower level recreation room leading out to the rear yard). The building, approximately 80% complete per the report dated November 5, 2018 prepared by Newbanks Construction and Property Condition Consultants, is designed as an environmentally sensitive “Passive House” luxury condominium development.

    Unit 1 is a 1,956 SF 2-bed 2-bath unit with an additional 40 SF vestibule and 844 SF rear yard. Unit 2 is a 1,373 SF 3-bed 2-bath unit with an additional 40 SF vestibule. Units 3, 4, and 5 are each 1,373 SF with an additional 40 SF vestibules and 78 SF balconies. Unit 6 is a 1,427 SF 3-bed 2-bath unit with an additional 505 SF roof and 78 SF balcony.
    Subject property is approximately 80% complete and will consist of 6 condominium units.
    The property is situated in a R7-2 zoning with 4.56 FAR as built.
    The building is less than 2 blocks from the 2/3 trains and less than 3 blocks from the Metro North trains.
  • Borough: Manhattan; Block: 1724; Lot: 30
  • Building Class: Elevator Apartment – Semi-Fireproof without Stores (D1)
  • Total SQ FT: 10,443
  • Lot: 2,498 SQ FT (25′ x 99.92′)
  • Zoning: R7-2
  • The total amount of debt secured by the collateral as of March 19, 2021 is $6,746,198.14 which is derived from a $2,000,000.00 Land loan, a $981,024.41 Building loan, and a $168,998.84 Project loan which were all originated in June 2017.
  • BY VIRTUE OF DEFAULT under that certain Project Loan Promissory Note and that certain Project Mortgage, Assignment of Leases and Rents and Security Agreement in the principal sum up to $339,111.20 as secured by that certain Ownership Interests Pledge and Security Agreement (the “Pledge Agreement”) pledging the membership interest (the “Pledged Interest”) as defined in the Pledge Agreement, duly executed on June 23, 2017, by Vamana Real Estate Equities I LP (the “Pledgor”), and in accordance with its rights as holder of the security, 11 West 126th Street Lender 2 LLC (the “Secured Party”), by virtue of possession of that certain Share Certificate held in accordance with Article 8 of the Uniform Commercial Code of the State of New York (the “Code”) and by those certain UCC1 Filing Statements in favor of Secured Party all in accordance with Article 9 of the Code, Maltz Auctions (“Maltz”), under the direction of Richard B. Maltz (DCA # 1240836) or David A. Constantino (DCA# 1424944) (the “Auctioneer”), will conduct a public sale consisting of the Pledged Interest (as set forth in Schedule A below), via online bidding, on  March 19, 2021 at 11:00am, in satisfaction of an indebtedness in the approximate amount of  $296,536.63, including principal, interest on principal and reasonable fees and costs, plus default interest through March 19, 2021, 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 in the unpaid principal amounts of:
    • The Land Loan in the original principal amount of $2,000,000.00 and payoff amount through 3/19/2021 in the amount of $4,059,208.02.
    • The Building Loan in the original principal amount of $981,024.41 and payoff amount through 3/19/2021 in the amount of $2,390,453.50.

Bidder Qualification Deadline: Friday, March 12, 2021 at 4:00 pm.  Executed Terms & Conditions of Sale along with a deposit in the amount of ten (10%) of Bidders’ intended bid amount via wire transfer are required for consideration by any interested party.

Bid Delivery Location: Maltz Auctions, 39 Windsor Place, Central Islip, NY 11722.

Auction Date & Time: Friday, March 19, 2021 at 11:00 am EST

Auction Location: Virtual Auction.

Terms & Conditions of Sale: See attached terms of sale for details.

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Due Diligence Documents

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KRISS & FEUERSTEIN LLP, Attorneys for the Secured Party
Richard B. Maltz, Auctioneer DCA# 1240836
David A. Constantino, Auctioneer DCA# 1424944
Richard B. Maltz, Licensed Real Estate Broker
Phone (516) 349-7022 Fax (516) 349-0105

These assets are being sold on an “AS IS, WHERE IS” basis, and no warranty or representation, either expressed or implied, concerning the asset is made by the Seller, Auction Company or any of their Agents. Maltz is acting exclusively as marketing agent for the Sellers.  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 and/or Buyer’s Broker to determine the accuracy of all components of the sale and asset.  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 asset.  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