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Bankruptcy Auction

outside of 65,000 sq foot building for sale at maltz auctions
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August 12, 2020 at 1:00 pm

Property Location

305 East 61st Street
Manhattan, NY 10065

Auction Location

39 Windsor Place
Central Islip, NY 11722

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

In Re: 305 East 61st Street Group LLC – Case # 19-11911-shl

65,000+ Sq Ft Building – Stalled Construction

14 Residential Units & 14,800+ Sq Ft Commercial Space


  • 305 East 61st Street, Upper East Side, New York, NY 10065
  • Former Art Storage Facility – Stalled Redevelopment Site
  • Substantially Complete – High-End Finishes
  • 65,875 Sq Ft Building (Per 1st Amendment to Offering Plan)
  • 6,208 Sq Ft Lot (49.5′ x 125.42′ Lot)
  • 3 Blocks to MTA Lexington Ave-63rd St Station: F, M, Q, R Subway
  • 3 Blocks to MTA 59th St-Lexington Ave Station: 4, 5, 6 Subway
  • 1 Block to MTA M15, Q60, Q101 Bus Lines
  • 5 Blocks to Central Park
  • Commercial Space: NNN Lease with $600,000 in Annual Income
  • Residential Space: Vacant
  • 14,800+ Sq Ft Commercial Space
    • Currently Under Construction for International Luxury Brand AIRE Ancient Baths New York
    • Aqua Therapy Pools, Massage Therapy Rooms, Whirlpool, Steam Room, Locker Rooms & More
    • Tenant Invested in Excess of $6,000,000 into the Build-out
    • NNN Lease – $600,000 Annual Rent
    • 15-Year Term with 4% Escalations
    • Tenant has Agreed in Writing to the Above Referenced Terms- Final Lease Pending Execution
  • 14 Residential Units:
  • (5) 2 Bedroom & 2.5 Bath Half-Floor Units:
    • Each Unit is 2,480 Sq Ft
  • (5) 3 Bedroom & 3.5 Bath Half-Floor Units:
    • Each Unit is 3,098 Sq Ft
  • (3) 3 Bedroom & 3.5 Bath Full-Floor Units:
    • Each Unit is 5,781 Sq Ft
  • (1) 3 Bedroom & 3.5 Bath Full-Floor Penthouse Unit:
    • Unit is 5,781 Sq Ft
    • Large Portion of Rooftop Terrace for Exclusive Penthouse Use
  • Additional Information:
  • Borough: Manhattan   Block: 1436   Lot: 5
  • Zoning: R8B w/C2-5 Commercial Overlay
  • Fireproofed Structural Steel Frame w/Reinforced Concrete or Masonry Floors and Roofs
  • ADA Compliant Common Areas
  • Flood Zone “X”
  • Annual Real Estate Taxes (2019/2020): $424,772
  • Residential Units Delivered Vacant & Commercial Space Delivered Subject to Lease
  • Additional Information Available Upon Completion of the Non-Disclosure Agreement

Inspections/Viewings: Available by Appointment.

Bidder Qualification Deadline: Monday, August 10, 2020 before 12:00 noon. See attached Sales Procedures or call Richard Maltz (x202) for details.

Auction Date & Time: Wednesday, August 12, 2020 at 1:00 pm.  Only Qualified Bidders as defined in auction Sales Procedures are qualified to participate. Registration Commences at 12:00 noon.

Auction Location: Maltz Auction Gallery, 39 Windsor Place, Central Islip, NY 11722.  Online and Phone Bidding will also be available for pre-qualified bidders.

Terms & Conditions of Sale/Sales Procedures:  Property will be sold free and clear of all monetary liens. In order to register to bid, all prospective bidders must present a bank check in the amount of $5,000,000 made payable to “Silverman Acampora LLP Attorney Escrow IOLA Account”.   Within 48 hours following the auction, Successful Bidder must post a deposit in the total amount of 10% of the high bid.  Please download the complete Sales Procedures.

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Kenneth P. Silverman, Chapter 7 Trustee
SilvermanAcampora LLP, Attorneys for the Chapter 7 Trustee
Richard B. Maltz, Auctioneer DCA# 1240836
David A. Constantino, Auctioneer DCA# 1424944
Phone (516) 349-7022 Fax (516) 349-0105
Richard B. Maltz, Licensed Real Estate Broker

The Real Property is being sold “AS 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.