MULTIPLE PROPERTIES
UCC Foreclosure Auction

UCC Foreclosure Auction

MULTIPLE PROPERTIES

• 41-60 Main Street, Flushing, NY: 100,000+ Sq Ft Mixed-Use Building
• 133-47 Sanford Avenue, Flushing, NY: 50 Remaining Condominiums
• 80 Elizabeth Street, Manhattan, NY: 28,000+ Sq Ft Commercial Condominium
• 377 Carlls Path, Deer Park, NY: 184,000+ Sq Ft Industrial Complex with Additional Land

Details:

• BY VIRTUE OF DEFAULT under that certain Mezzanine Promissory Note and that certain Mezzanine Loan Agreement in the Principal Sum of $15,300,000.00 as secured by four (4) Ownership Interest Pledge and Security Agreements (collectively, the “Pledge Agreement”) pledging the ownership interests (the “Pledged Interests”) as defined in the Pledge Agreement, duly executed on December 29, 2017, by Flushing Landmark Realty Mezz LLC, Victoria Towers Development Mezz Corp., Lucky Star-Deer Park Mezz LLC and Myint J. Kyaw aka Jeffrey Wu (collectively the “Pledgor”), and in accordance with its rights as holder of the security, Landmark Portfolio Mezz LLC (the “Secured Party”) by virtue of possession of the Share Certificates held in accordance with Article 8 of the Uniform Commercial Code (the “Code”) and by  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 July 8, 2020 at 10:00 A.M., via online bidding, in satisfaction of an indebtedness in the approximate amount of $23,878,907.09, including principal, interest on principal and reasonable fees and costs, plus default interest through July 8, 2020, subject to open charges and all additional costs, fees and disbursements permitted by law.   The Secured Party reserves the right to credit bid.
• Online bidding will be made available for pre-registered bidders via Maltz’s online bidding App available for download in the App Store or on Google play and via desktop bidding at RemoteBidding.MaltzAuctions.com .  Furthermore, Kriss & Feuerstein LLP reserves the right to convert the auction to an online-only auction for pre-registered bidders.
• Subject to senior indebtedness in the unpaid principal amount of $94,000,000 and payoff amount through 6/15/2020 in the amount of $137,328,799.64. ($63,166.37 Per Diem)
• 80 Elizabeth Street is also subject to additional senior indebtedness in the unpaid principal amount of $19,850,000

 

Properties

• 41-60 Main Street, Flushing, NY – 100,000+ Sq Ft Mixed-Use Building:
  • The property sits on a lot that is 25,935 square feet (0.6-acres) which is located in the heart of Flushing. The building itself is a 3-story plus lower level building containing 100,500 square feet of gross area. The property has a masonry and glass exterior, with retail storefronts on the ground level. The uses consist of retail on the ground floor and lower level, including a spa on the lower level, and office tenants on the upper floors.  The office portion of the building has an attended lobby, and there is one passenger elevator. The property contains a rentable area of 92,514 square feet.
• 133-47 Sanford Avenue, Flushing, NY – 50 Remaining Condominiums:
  • The Residential Property is a 21-story mixed-use building with 99 residential condominium units. The property includes a total of 99 residential units extending from the 5^th to 21^st floor.  The remaining collateral includes 50 units totaling 57,979 net sellable square feet with a unit mix including 21 one-bedroom units averaging 806 square feet, 26 two-bedroom units averaging 1,252 square feet, and 3 penthouse three-bedrooms averaging 2,829 square feet.
• 80 Elizabeth Street, Manhattan, NY – 28,000+ Sq Ft Commercial Condominium:
  • A retail condominium at 80 Elizabeth Street, a prime commercial space with 275 feet of wrap around frontage on one of Lower Manhattan’s most heavily trafficked pedestrian intersections. Containing two long term tenants, the condominium spans a total of 28,317 square feet across the ground floor and lower level at the base of the Queen Elizabeth Condominiums. Situated at the crossroads of Chinatown, NoLita, Little Italy, and the Lower East Side, 80 Elizabeth Street offers the rare opportunity to acquire a uniquely sized asset on a highly desirable corner location. The retail condominium at 80 Elizabeth Street contains a total 15,620 square feet of above grade space and 12,697 square feet on the sellable lower level. The vast majority of the space is currently leased to Hong Kong Supermarket through 2026, who occupies 15,050 square feet on the ground floor and the entire lower level. The remaining 570 square feet is currently leased to a pharmacy. Investors have the opportunity to enjoy significant in-place cash flows as Hong Kong Supermarket is in year 4 of a 10-year lease and currently paying an annual net rent of approximately $2 million with 3% annual increases. Additionally, the pharmacy is in year 2 of a 10-year lease and generates approximately $120,000 annually, with favorable 5% annual increases.
• 377 Carlls Path, Deer Park, NY – 184,000+ Sq Ft Industrial Complex with Additional Land:
  • The Property is located at 377 Carlls Path and consists of 4 industrial buildings totaling 184,100 SF.  The Property’s built area is situated across 17-acres and the Property also includes 6.25 acres of vacant residential and industrial land located adjacent to the industrial campus. The Property is situated on the corner of Carlls Path and Grand Boulevard and is located within close proximity to Deer Park Avenue, the area’s main traffic arterial providing access to the Long Island Expressway (“LIE”). Access to the Property is available from two directions along Carlls Path. The Long Island Rail Road also runs adjacent to the Property’s northerly lot line. The various buildings at the site are partially free-standing and interconnected. Buildings 1 and 2 are connected via an outdoor walkway and in aggregate these structures total 141,300 SF. Building 3 is a 32,800 SF truck terminal which also contains executive and dispatch offices. Building 4 is a 10,000 SF warehouse property. The buildings are all constructed with reinforced concrete, slab on-grade foundations and the buildings’ walls are a mix of concrete masonry units or corrugated metal siding. Ceiling heights at the buildings range from 12 to 24 feet. The Property currently contains 32 parking spaces and there is additional underutilized paved area which could add to the total parking count. Each building is fully sprinklered and alarmed, and interiors include hung lighting fixtures and heating units. The Property has a security booth at the entrance and the parking lot is in good working condition. The Property also includes 6.25 acres of developable land which consists of 3.22 acres zoned for residential use located along the southerly lot line and 3.03 acres zoned for industrial use located along the westerly lot line.
• Upset Price: $23,878,907.09