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Prime Corner Building
Bankruptcy Auction

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November 15, 2017 at 11:00 am

2017-11-15 11:00AM

Property Location

1661-1669 Amsterdam Avenue
New York, NY 10031

Auction Location

NY LaGuardia Airport Marriott
102-05 Ditmars Boulevard
East Elmhurst, NY 11369

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Bankruptcy Auction – United States Bankruptcy Court Southern District of New York

In Re: 477 West 142nd Street Housing Dev. Fund Corp. – Case # 15-12178-SHL

13,000+ Sq Ft Corner Mixed-Use Building

94′ Prime Retail Frontage on Amsterdam Avenue


  • 1661-1669 Amsterdam Avenue a/k/a 477 West 142nd Street, Hamilton Heights, Manhattan, NY 10031
  • Prime Corner Location with Expansive Retail Exposure (94′ on Amsterdam Avenue)
  • Residential Entrance on 142nd Street
  • 4 Blocks to the 1, A, B, C, D Trains
  • 2,300 Sq Ft Retail (4 Units)
  • 10,891 Sq Ft Residential (8 Units)
  • 2,998 Sq Ft (99.92′ x 30′) Lot
  • 5-Story Walk-Up Building
  • 1st Floor: 4 Commercial Units – Total 2,300 Sq Ft
    • All Commercial Units will be Delivered Vacant
  • 2nd-5th Floor: 8 Residential Units – Total 10,891 Sq Ft
    • (3) Residential Units will be delivered Vacant
    • (5) Residential Units will be delivered subject to shareholder’s Life Tenancies:
    •    Unit 2: DeLois Blakely: Ms. Blakely’s Life Tenancy is transferable to her daughter
    •    Unit 3: Margaret Callender: Ms. Callender’s Life Tenancy is non-transferable
    •    Unit 4: Joann McClain: Ms. McClain’s Life Tenancy is non-transferable
    •    Unit 6: Charles DeBerry: Mr. DeBerry’s Life Tenancy is non-transferable
    •    Unit 7: Shirley Pitts: Ms. Pitts Life Tenancy is non-transferable
  • Rent for all Life-Occupancy Tenants shall be paid, per unit, to the Successful Purchaser as follows:
  •    No Charge for the First 2 Years Following Closing
  •    $400.00 for Years 2 Through 4 After Closing
  •    For the 5th Year After Closing, Monthly Rent may be Increased by no more than 5%
  •    Subsequent annual increases of rent thereafter at the rate of 3%
  • Additional Information:
  • Zoning: R6A with C1-4 Overlay
  • Hamilton Heights Historic District Extension
  • Borough: Manhattan; Block: 2058; Lot: 29
  • Annual Real Estate Taxes (2017/2018): $38,336
  • $4,900,000 Minimum Bid

Auction Location: NY LaGuardia Airport Marriott Hotel, 102-05 Ditmars Boulevard, East Elmhurst, NY 11369. Absentee bidding available with registration at least 5 business days prior to auction, please call for details.

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 $490,000 made payable to “Gregory Messer, Esq., Chapter 11 Trustee”.   Please download the complete Terms and Conditions of Sale.

Buyer’s Premium: A four (4%) 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.

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Gregory Messer, Chapter 7 Trustee
LaMonica Herbst & Maniscalco, LLP, Attorneys for the Chapter 7 Trustee
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 Trustee, the Attorney for the Trustee nor any of their collective representatives makes any representations or warranties 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 Trustee, the Attorney for the Trustee, 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.