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STUDIO LOFT CO-OP
Bankruptcy Auction

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Auction

December 11, 2020 at 11:00 am

Online Bidding

Starts:
December 9, 2020 11:00 am

Ends:
December 11, 2020 11:00 am

Viewings

November 23, 2020
9:00 am to 11:00 am

Property Location

244 Madison Avenue, Unit 9J
Manhattan, NY 10016

Bid

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Details

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

In Re: SALVATORE J. LA BARCA – Case # 20-72120-AST

Studio Loft Co-Op – HOA Owns Retail

12′ Ceilings and Oversized Windows

Details:

  • 244 Madison Avenue, Unit 9J, Midtown South, Manhattan, NY 10016
  • Studio Unit with Sleeping Loft
  • Spacious Bathroom
  • Open Layout
  • Walk-In Closet
  • 12′ Ceilings and Oversized Windows
  • Flexible Building Permits Pied-a-Terre, Unlimited Subletting (after two years) and Purchasing for Children
  • HOA Owns the Building’s Commercial Space – Tenants Include Dunkin’ Donuts, UPS Store & Others
  • Building Amenities:
  • Elevator Building
  • 24-Hour Doorman
  • Live-in Super
  • Laundry Room
  • Package/Mail Room
  • Spacious Rooftop Access with NYC Skyline Views
  • Area Information:
  • Murray-Hill/Midtown Location
  • 3 Blocks Bryant Park
  • 4 Blocks to Grand Central Station (Metro-North, MTA BUS and, Subway 4/5/6/7/S Lines)
  • 5 Blocks to MTA Subway 34th Street Herald Square Station (B/D/F/M/N/Q/R/W Lines) and PATH Station
  • 5 Blocks to Times Square
  • 15 Minute Walk to Penn Station (Amtrak, Long Island Railroad, Jersey Transit & Subway Lines 1/2/3/A/C/E)
  • Additional Information:
  • Monthly Maintenance Charges: $999.40
  • Maintenance Surcharge (Beginning 10/20): $426
  • Currently Vacant & Delivered Vacant at Closing
  • $275,000 Suggested Opening Bid

ONLINE-ONLY BIDDING  – CLICK HERE FOR ONLINE BIDDING 

Bidding is available by computer or download of the Maltz Auctions App on the App Store or Google play


Viewings: Monday, November 23rd. By Appointment Only, No Walk-Ins will be Permitted. Please Click Here to Schedule. A Maximum of 2 Attendees Per Appointment. Covid Forms Must be Filled out by All Parties Prior to Entry or Acess. will be Denied (Available on Scheduling Website). Appointments are Scheduled on a First Come, First Served Basis. Additional Dates TBA.

Pre-Registration Required to Bid:  You must send in signed Terms and Conditions of Sale, signed Online Bidding Form and a $35,000 deposit to be approved for bidding.  All documents and funds must be received at least 24 hours prior to the scheduled end time of the auction, or you may not be approved to bid prior to the conclusion of the auction.

Auction Date: Online-Only bidding will open Wednesday, December 9, 2020 at 11:00 am and is scheduled to close on Friday, December 11, 2020 at 11:00 am.  Visit RemoteBidding.MaltzAuctions.com or download the Maltz Auctions App on the Apple Store or Google Play.

Bidding Process: If a bid is placed with less than one minute remaining, the bidding period will be extended so one minute remains for competing bids to be entered.  If any further bidding occurs, the extension timer will reset to one minute.  Once no further bidding activity occurs, the sale closes when the time runs out.

Terms & Conditions of Sale: 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 $35,000 made payable to “Allan B. Mendelsohn, Chapter 7 Trustee”, signed Terms & Conditions of Sale and signed Online Bidding Form to Maltz Auctions at 39 Windsor Place, Central Islip, NY 11722 twenty-four hours prior to the scheduled close of bidding.  Closing must occur within 20 days following board approval, but in no event earlier than 45 days after the auction. Successful Bidder shall be granted a single 30-day extension to close if he/she posts an additional non-refundable 10% deposit.

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Due Diligence Documents

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Have Questions? Get In Touch

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Allan B. Mendelsohn, Chapter 7 Trustee
Rosen & Kantrow, PLLC, Attorneys for the Chapter 7 Trustee
Richard B. Maltz, Auctioneer DCA# 1240836
David A. Constantino, Auctioneer DCA# 1424944
Richard B. Maltz, Licensed Real Estate Broker
Phone (516) 349-7022 Fax (516) 349-0105

This Property is being sold on an “AS IS, WHERE IS” basis, and no warranty or representation, either expressed or implied, concerning the Property is made by the Trustee, Attorney for the Trustee, Auction Company or any of their Agents.  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 and/or Buyer’s Broker 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.