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Post-Confirmation Auction

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March 12, 2020 at 11:00 am

2020-03-12 11:00AM

Property Location

501 Atlantic Avenue
Freeport, NY 11520

Auction Location

39 Windsor Place
Central Islip, NY 11722

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Post-Confirmation Auction – United States Bankruptcy Court EDNY
In Re: GT Realty Holdings, LLC – Case No. 18-75679-las

6,700+ Sq Ft Auto Body Shop on 24,000+ Sq Ft Lot

Prime Location on Main Thoroughfare – Daily Traffic Count of 28,000+


  • 501-B Atlantic Avenue, Freeport, NY 11520
  • 24,884 Sq Ft Lot with 134′ Street Frontage
  • 6,748 Sq Ft (Two Buildings)
  • 99.68′ Frontage on Atlantic Avenue & 34.80′ Frontage on Westend Avenue
  • Directly Across from Milburn Creek Park/Boat Launch
  • 1 Mile to Freeport’s “Nautical Mile”
  • Building 1:
    • 2,268 Sq Ft 1-Story Building
    • 12 Foot Ceilings
    • 10′ x 10′ Overhead Door
    • Year Built: 1950
    • Utilities Metered Separately
    • Modine Gas Infrared Heating System
  • Building 2:
    • 4,480 Sq Ft 1-Story Building
    • 13 Foot Ceilings
    • (2) 12′ x 12′ Overhead Doors
    • Year Built: 1959
    • 200 Amp Service
    • (5) Ceiling Mounted Ducted Heating Units
    • Utilities Metered Separately
  • Indoor Parking for 14 Vehicles
  • Outdoor Paved Parking for 35 Vehicles
  • Additional Information:
  • Section: 54  Block: 315  Lot: 443
  • School District # 9 (Freeport)
  • 400 Amp Electrical Service
  • Central Air Conditioning
  • New Dry Wells
  • Annual Real Estate Taxes: $32,110.37 (with Village Tax)
  • Currently Occupied and Delivered Vacant (if desired) at Closing

Inspection/Viewing: Mondays, March 2nd & 9th from 9:00 am – 11:00 am.

Auction Date & Time:  Thursday, March 12, 2020 at 11:00 am.  Registration commences at 9:30 am.

Auction Location: Maltz Auction Gallery, 39 Windsor Place, Central Islip, NY 11722.

Terms & Conditions of Sale: Property will be sold free and clear of all monetary liens.  In order to register to bid, all prospective bidders must present a cashier’s check in the amount of $50,000 made payable to “Maltz Auctions”.  Subject to sale prior to auction as pre-auction offers may be considered.  Please download the complete Terms & Conditions of Sale.

Buyer’s Premium: A six (6%) 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.

Buyer 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.

Backenroth Frankel & Krinsky, LLP, Attorneys for Chapter 11 Debtor and Debtor in Possession

Have Questions? Get In Touch

Maltz Logo

David A. Constantino, Auctioneer DCA# 1424944
Richard B. Maltz, Auctioneer DCA# 1240836
Richard B. Maltz, Licensed Real Estate Broker
Phone (516) 349-7022 Fax (516) 349-0105

The 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 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 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 Property in making their bids. Neither Maltz, the seller, nor any of their collective representatives makes any representations or warranties with respect to the permissible uses of the Property including, but not limited to, the zoning of the Property.  All Bidders acknowledge that they have conducted their own due diligence in connection with the Property and are not relying on any information provided by Maltz, the seller or their professionals.  The 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.