97,000+ SQ FT DEVELOP SITE
Auction Postponed

Mezzanine Foreclosure Auction

97,000+ Sq Ft Corner Development Site

FAR Provides for up to 332,580 Sq Ft Development

AUCTION POSTPONED

Details:

• Spectacular 97,000+ Sq Ft Corner Block-Through Development Site in Booming Greenpoint, Brooklyn, NY
• The Property is comprised of 10 contiguous tax lots which total 97,939 square feet and are located at the intersection of Dupont Street, Clay Street, and Franklin Street in the Greenpoint neighborhood of Brooklyn. The individual tax lots range from 2,500 square feet to 23,439 square feet and are located less than a mile from the Greenpoint Avenue subway station, the Long Island Railroad, and the India Street / Greenpoint East River Ferry landing. After the rezoning of the area in 2005, the Property can be developed up to a FAR of 3.40 and total zonable square footage of 332,580.
• BY VIRTUE OF DEFAULT under that certain Mezzanine Promissory Note and that Certain Mezzanine Agreement dated August 11, 2017 (the “Mezz Agreement”) as secured by that certain Ownership Interests Pledge and Security Agreement dated August 11, 2017 (the “Pledge”) pledging the ownership interest (the “Pledged Interests”) as defined in the Pledge and Security Agreement, duly executed by Clay Riverview LLC (the “Pledgor”), and in accordance with its rights as holder of the security, Dupont Street 2 LLC (the “Secured Party”) by virtue of possession of the Share Certificate held in accordance with Article 8 of the Uniform Commercial Code of the State of New York (the “Code”) and by a UCC1 Filing Statements in favor of Secured Party all in accordance with Article 9 of the Code, Richard B. Maltz (DCA # 1240836), Auctioneer or David A. Constantino (DCA# 1424944), Auctioneer, will conduct a public sale, consisting of the Pledged Interests (as set forth in Schedule A below), on January 17, 2020 at 10:00 am at the office of Kriss & Feuerstein, located at 360 Lexington Avenue, Suite 1200, New York, New York in satisfaction of an indebtedness in the approximate amount of $7,827,154.55, including principal, interest on principal and reasonable fees and costs, plus default interest through January 17, 2020, 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 amount of $28,000,000 and payoff amount through 1/17/2020 in the amount of $45,189,183.71.
• 280 Franklin Street, Brooklyn, NY a/k/a Block: 2487; Lot: 1
• 93, 57 and 55 Dupont Street, Brooklyn, NY 11222 a/k/a Block: 2487; Lots: 57, 72, 78
• 10, 14, 22, 26, 30 and 32 Clay Street, Brooklyn, NY a/k/a Block: 2487; Lots: 10, 12, 17, 18, 20, 21