Retail Redevelopment Site
Mortgagee Approved Auction
January 24, 2018 at 12:00 pm
24 First Avenue &
99-101 East 2nd Street
Manhattan, NY 10009
Mortgagee Approved Auction
25,000+ Sq Ft Prime Redevelopment Site
Improved with Mixed-Use & Retail Buildings
- 24 First Avenue & 99-101 East 2nd Street, East Village, Manhattan, New York 10009
- Currently Improved with a 7,748 Sq Ft Mixed-Use Building & 4,648 Sq Ft Retail Building
- Substantial Unused Air Rights
- 28,540 Sq Ft Buildable Site (3,418 Sq Ft Cellar) – Per Architect Plans, with Inclusionary Housing
- 26,483 Sq Ft Buildable Site (5,297 Sq Ft Cellar) – Per Architect Plans, without Inclusionary Housing & with Full Lot Merge
- 24,610 Sq Ft Buildable Site (5,298 Sq Ft Cellar) – Per Architect Plans, without Inclusionary Housing
- L-Shaped Property, 5,237 Sq Ft Assemblage/Ground Floor Area
- 59’+ Prime Street Frontage (23′ on First Avenue & 36.75′ on East 2nd Street)
- 1 Block to 2nd Avenue Station (F & M Trains)
- 4 Blocks to Bleeker Street Station (4 & 6 Trains)
- 6 Blocks to Broadway-Lafayette Station (B, D, F & M Trains)
- Additional Information:
- Borough: Manhattan Block: 429 Lots: 8 & 12
- Zoning: R7A/R8B with C2-5 Commercial Overlay
- Annual Real Estate Taxes: $141,977
- Currently Vacant & Delivered Vacant at Closing
- Previously Listed at $26,000,000
- $19,100,000 “As-Is” Appraisal in 2016
- $10,000,000 Opening Bid
Inspections/Viewings: Available by appointment. Please bring a flashlight.
Auction Date & Time: 1/24 auction adjourned to accommodate requests for due diligence – available for immediate sale.
Auction Location: TBA.
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 $1,000,000 made payable to “Schwartz Sladkus Reich Greenberg Atlas LLP”. Within 48 hours following the auction, Successful Bidder must post a deposit in the total amount of 14% of the high bid.
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.
Buyer Broker Participation: A one (1%) 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.
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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 Seller nor any of their collective representatives makes any representations or warrantees 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 Seller, 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.