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

In Re: 1058 SOUTHERN BLVD. REALTY CORP. • Case # 14-12808-REG

63,000+ Sq Ft Mixed-Use Corner Building at Major Intersection

$1,350,000+ Current Rent Roll

Details:

  • 1054-1058 Southern Boulevard a/k/a 1042 Westchester Avenue a/k/a 1046-1048 Westchester Avenue, Bronx, NY 10459
  • Ideally Located at Intersection of Southern Boulevard & Westchester Avenue in Heart of Improvement District
  • Only 1 Block from Simpson Street Subway (2 & 5 Train)
  • 6 Commercial Stores & 55 Residential Apartments
  • $1,350,000+ Current Rent Roll
  • 63,608 Sq Ft Building
  •    6,360 Sq Ft Retail
  •    57,248 Sq Ft Residential
  • 20,131 Sq Ft Lot
  • Commercial Tenants Include Little Caesars, Checkers, Liberty Tax Service, Empire Gold & Pawn, Produce Market & Convenience Store
  • Zoning: C4-4
  • Borough: Bronx   Block: 2743   Lot: 19
  • Annual Real Estate Taxes: $233,611
  • $13,780,000 Minimum Bid

Inspections/Viewings:  Monday, February 2nd & Friday, February 6th from 9:30 am – 11:30 am each day.

Auction Date & Time:  Thursday, February 12th at 11:00 am.  Registration begins at 10:00 am.

Auction Location:  New York LaGuardia Airport Marriott Hotel, 102-05 Ditmars Boulevard, East Elmhurst, NY 11369. Online/Absentee Bidding Available with Registration at Least 48 Hours Prior to Auction.

Terms & Conditions of Sale: Property will be sold free & clear of all liens, claims & encumbrances. In order to register to bid, all prospective bidders must present a cashier’s check in the amount of $1,000,000 made payable to “SilvermanAcampora LLP, Attorneys for 1058 Southern Blvd. Realty Corp.”.  A $13,630,000 stalking horse bid has been received and accepted, with the next acceptable bid to be in the minimum amount of $13,780,000.  Please download the complete Terms and Conditions of Sale.

Buyer Broker Participation:  A one half percent (1/2%) commission will be paid to any properly licensed Buyer Broker who registers a successful buyer in accordance with the Buyer Broker guidelines.  Please download the Broker Participation form for details (available shortly).

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SilvermanAcampora LLP, Attorneys for the Chapter 11 Debtor & Debtor in Possession
David R. Maltz, Auctioneer DCA# 762794
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

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 Chapter 11 Debtor & Debtor in Possession 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 Chapter 11 Debtor & Debtor in Possession, 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 and/or Buyer’s Broker 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.