Turn-Key NYC Theatre
September 26, 2017 at 11:00 am
553-555 West 42nd Street
New York, NY 10036
Bankruptcy Auction– United States Bankruptcy Court Southern District of New York
In Re: THE PEARL THEATRE COMPANY, INC. – Case # 17-11572 (SHL)
Turn-Key 160 Seat Off-Broadway Theatre
Long-Term & Under-Market Leasehold Interest
- 553-555 West 42nd Street, Manhattan, NY 10036
- Formerly Doing Business as “The Pearl Theatre Company”
- 160 Seat Off-Broadway Theatre Operation Within Extensive 6,932 Sq Ft Theatre Buildout
- 14+ Years Remaining on Lease (Expires 10/31/2032)
- Current Annual Base Rent: $315,000 ($26,250/Month)
- Current Annual Additional Rent (R/E Tax Over Base Year): $9,834.02 ($819.50/Month)
- Potentially Available Fully Equipped with All Fixtures, Furniture & Equipment
Bidder Qualification Deadline: Tuesday, September 19, 2017 at 5:00 pm. Must submit signed Terms & Conditions of Sale, Proof of Funds and Deposit to Richard Maltz, 39 Windsor Place, Central Islip, NY 11722.
Auction Date & Time: Tuesday, September 26, 2017 at 11:00 am. Registration begins at 10:30 am.
Auction Location: On location at 553-555 West 42nd Street, Manhattan, NY 10036.
Terms & Conditions of Sale: Assets 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 “Gregory Messer, Esq., Chapter 7 Trustee”. Please download the complete Terms and Conditions of Sale
Buyer’s Premium: A five (5%) percent Buyer’s Premium will be added to the Successful Offer 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 Assets are 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. By delivering their respective Deposits, all Bidders acknowledge that they have had the opportunity to review and inspect the Assets and will rely solely thereon and on their own independent investigations and inspections of the Assets in making their bids. Neither Maltz, the Chapter 7 Trustee, the Attorney for the Chapter 7 Trustee nor any of their collective representatives makes any representations or warrantees with respect to the permissible uses or condition of the Assets. All Bidders acknowledge that they have conducted their own due diligence in connection with the Assets and are not relying on any information provided by Maltz, the Trustee, the Attorney for the Trustee, or their professionals. 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 Assets. Each potential bidder is responsible for conducting his or her own independent inspections, investigations, inquiries, and due diligence concerning the Assets. 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.