2 Multi-Fam Buildings
UCC Foreclosure Auction

Details:

• Indirect Interest in 55 East 21st Street, Brooklyn, NY & 150 Lefferts Avenue, Brooklyn, NY
• 55 East 21st Street, Flatbush, Brooklyn, NY 11226:
• The underlying site is a rectangularly-shaped, 13,750 square foot lot with frontage on East 21st Street, between Woodruff and Caton Avenues, within the Flatbush neighborhood of Brooklyn, NY. It is further identified on the Kings County tax maps as Block 5063, Lot 9.
• The subject is improved with a 6-story plus basement, elevator-served multifamily building containing 60 apartments (including a non-revenue employee unit) housed in 60,114± square feet of gross building area, built in 1935, and subsequently renovated in 2017.
• The subject is located in a submarket where there is strong demand for multifamily housing and low vacancy rates . The subject has excellent access to public transportation with the B, Q and S trains stopping at the nearby Prospect Park Station.
• Electricity and cooking gas is separately metered and charged to the tenants. Landlord is responsible for heat/hot water, water/sewer, trash, and common area electricity.
• Management provided us with an itemized budget of recent renovation expenses. Work to the building includes updated apartments, cameras, elevator, boiler, roof and intercom. $1,037,000
• 150 Lefferts Avenue, Prospect – Lefferts Gardens, Brooklyn, NY 11225:
• The underlying site is an L–shaped, 13,195 square foot through-block lot with primary frontage on Lefferts Avenue and secondary frontage on Lincoln Road, between Bedford and Rogers Avenues, within the Prospect Lefferts Gardens neighborhood of Brooklyn, NY. It is further identified on the Kings County tax maps as Block 1328, Lot 16.
• The subject is improved with a 6-story plus basement, elevator-served multifamily building containing 53 (including a non-revenue employee unit) apartments housed in 48,834± square feet of gross building area, built in 1939.
• The subject is located in a submarket where there is strong demand for multifamily housing and low vacancy rates. The subject has excellent access to public transportation with the 2 and 5 trains stopping at Sterling Street and Nostrand Avenue.
• Electricity and cooking gas is separately metered and charged to the tenants. Landlord is responsible for water/sewer, trash, and common area electricity.
• Management provided us with an itemized budget of recent renovation expenses. Work to the building includes updated boiler, cameras, intercom system, roof, gas line, and front/rear doors. $280,000 with recently done $375,000 for common area and unit upgrades.
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• Diligence materials are available upon request and execution of standard confidentiality and non-disclosure agreement.
• PLEASE TAKE NOTICE, that in accordance with applicable provisions of the Uniform Commercial Code as enacted in New York, by virtue of certain Event(s) of Default under those certain Ownership Interests Pledge and Security Agreements, both dated as of July 26, 2023 (collectively, the “Pledge Agreements”), executed and delivered by JONATHAN BOMBART (the “Pledgor”), and in accordance with it rights as holder of the security, BRC E21ST LENDER LLC (the “Secured Party”), by virtue of possession of those certain Certificates For Interest held in accordance with Article 8 of the Uniform Commercial Code of the State of New York (the “Code”) and by virtue of those certain UCC-1 Filing Statement made in favor of Secured Party, all in accordance with Article 9 of the Code, Secured Party will offer for sale, at public auction, (i) all of Pledgor’s right, title, and interest in and to the following: 55 EAST 21ST STREET CO. LLC and 150 LEFFERTS AVENUE COMPANY LLC (collectively, the “Pledged Entity”), and (ii) certain related rights and property relating thereto (collectively, (i) and (ii) are the “Collateral”). Secured Party’s understanding is that the principal asset of the Pledged Entity is that certain fee interest in real property commonly known as (i) 55 East 21^st Street, Brooklyn, NY and (ii) 150 Lefferts Avenue, Brooklyn, NY (the “Property”).
• Maltz Auctions (“Maltz”), under the direction of Richard B. Maltz or David A. Constantino (individually, the “Auctioneer”), will conduct a public sale consisting of the Collateral (as set forth in Schedule A below), via online bidding, on August 22, 2024 at 2:00pm, in satisfaction of an indebtedness in the approximate amount of $11,645,954.09, including principal, interest on principal, and reasonable fees and costs, plus default interest through August 22, 2024, subject to open charges and all additional costs, fees and disbursements permitted by law.  The Secured Party reserves the right to credit bid.
• Please Note: Unlike Many UCC Foreclosure Sales, This is a Senior Loan!!!