7,100+ SQ FT Mixed-Use Bldg
October 19, 2018 at 11:00 am
2540-2542 Pitkin Avenue
Brooklyn, NY 11208
Bankruptcy Auction – United States Bankruptcy Court Eastern District of New York
In Re: Guy America Development Enterprises Corp. – Case # 17-43984-ess
7,100+ Sq Ft Mixed-Use Building
3 Commercial & 4 Residential Units
- 2540-2542 Pitkin Avenue, East New York, Brooklyn, NY 11208
- 7,160 Sq Ft Attached Brick Building + Full & Finished Basement
- 3,600 Sq Ft Lot (40′ x 90′)
- 3 Commercial & 4 Residential Units
- 2.5 Blocks to the A & C Subway Line
- 2 Blocks to the Q8 and B14 Bus Lines
- Less than 5 Miles from JFK Airport
- Commercial Unit(s) (First Floor and Basement):
- All 3 Spaces Currently Configured as a Single Unit
- Monthly Rent: $4,800
- Lease Expiration 12/31/2018
- Rooftop HVAC Unit (Heat and Central Air)
- 2 Gas Meters and 2 Electric Meters
- Residential Units:
- Each Residential Unit Configured as:
- 2 Bedrooms & 1 Bathroom
- Kitchen/Living Room Combo
- Individually Metered for Gas and Electric
- 2nd Floor: (2 Units)
- 2540 2nd Floor:
- Monthly Rent: $1,750
- Lease Expires: 3/1/19
- 2542 2nd Floor:
- Information Coming soon
- 3rd Floor: (2 Units)
- 2540 3rd Floor:
- Monthly Rent: $1,750
- Lease Expires: 3/1/19
- 2542 3rd Floor:
- Monthly Rent: $1,415
- Lease Expires: 1/31/19
- Additional Information:
- Block: 4023 Lots: 17 & 18
- Zoning: R7A with C2-4 Overlay and EC-5 Special District
- FAR: 4
- Fuel: Gas
- Heat: Steam
- Annual Real Estate Taxes After ICIP Exemptions: $14,663
- ICIP Exemption (Industrial and Commercial Incentive Program): Expires 6/30/2031
- Annual Real Estate Taxes Before ICIP Exemptions: $44,540
- Sold Subject to Occupancies, will NOT be Delivered Vacant
- $900,000 Minimum Bid
Inspections/Viewings: Mondays, October 8th & 15th from 12:30 pm – 2:30 pm.
Overview of Sales Process: This is a two-step bidding process. The first step is the submission of binding, sealed bids that are due by 4:00 pm on Tuesday, October 16, 2018. The qualified bidders will be invited to bid at the live auction on Friday, October 19, 2018 at 11:00 am.
Sealed Bid/Bidder Qualification Deadline: Tuesday, October 16, 2018 before 4:00 pm. Required Bid Documents (Signed Bidding Procedures, Purchase and Sale Agreement & Bidder Letter) and required deposit (cashier’s check) must be included for consideration. See attached Bidding Procedures & Purchase and Sale Agreement for details or call 516-349-7022 for additional information.
Sealed Bid Delivery Location: Kriss & Feuerstein, LLP, 360 Lexington Avenue, Suite 1200, New York, NY 10017, Attn: Daniel N. Zinman, Esq. and Jason S. Leibowitz, Esq.
Auction Date & Time: Friday, October 19, 2018 at 11:00 am (Registration commences at 10:00 am). Only Qualified Bidders as defined in the Bidding Procedures are qualified to participate.
Auction Location: Kriss & Feuerstein, LLP, 360 Lexington Avenue, Suite 1200, New York, NY 10017.
Terms & Conditions of Sale: Property will be sold free & clear of all monetary liens. In order to qualify to bid, in addition to other requirements, all prospective bidders must present a cashier’s check in the amount of 10% of the initial Bid amount made payable to “Kriss & Feuerstein LLP, as escrow agent”. 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.
Broker Participation: A two (2%) percent 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.
Kriss & Feuerstein LLP, Attorneys for the Plan Proponent
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Richard B. Maltz, Auctioneer
David A. Constantino, Auctioneer
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 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.