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UCC Foreclosure Auction

Personal & Intangible Property

Details:

  • PLEASE TAKE NOTICE, that in accordance with applicable provisions of the Uniform Commercial Code as enacted in New York, by virtue of certain Events of Default under that certain Amended and Restated Substitute Note B (the “Note”), dated as of October 13, 2022, and that certain Amended and Restated Substitute Mortgage B, dated as of October 13, 2022 (the “Mortgage”), executed and delivered by MAY NEWARK URBAN RENEWAL LLC (the “Borrower” and/or “Debtor”), and in accordance with it rights as holder of the security, BROAD 2ND ST LLC (“Lender” and/or “Secured Party”), by virtue of those certain UCC-1 Filing Statements made in favor of Secured Party, all in accordance with Article 9 of the Uniform Commercial Code of the State of New York (the “Code”), Secured Party will offer for sale, at public auction: all of the Borrower’s right, title, and interest in and to the Borrower’s personal property and in and to the Borrower’s intangible property and any and all products and proceeds thereof, solely with respect to the land, improvements and all personal property used in connection with the land and improvements located at (i) 1155-1157 McCarter Highway a/k/a 422 Broad Street, Newark, NJ, (ii) 2-28 Division Street, Newark, NJ, (iii) 30-42 Division Street, Newark, NJ, (iv) 44-56 Division Street, Newark, NJ, (v) 5-55 Division Street, Newark, NJ, and (vi) 450-466 Broad Street, Newark, NJ (the “Collateral”).
  • UCC-1 recorded on October 20, 2022, with the Department of Treasury, State of New Jersey, under Filing Number: 56244221, and UCC-1, recorded on October 21, 2022, with Essex County, State of New Jersey under Instrument Number: 2022094553.
  • Maltz Auctions (“Maltz”), under the direction of Richard B. Maltz or David A. Constantino (the “Auctioneer”), will conduct a public sale consisting of the Collateral (as set forth in Schedule A below), via online bidding, on June 11, 2025 at 2:15pm, in satisfaction of an indebtedness in the approximate amount of $102,154,926.41, including principal, interest on principal, and reasonable fees and costs, plus default interest through June 11, 2025, subject to open charges and all additional costs, fees and disbursements permitted by law.  The Secured Party reserves the right to credit bid.
  • Diligence materials are available upon request and execution of standard confidentiality and non-disclosure agreement.

Bidder Qualification Deadline: Monday, June 9, 2025 by 4:00 PM.  Executed Terms & Conditions of Sale along with a deposit in the amount of ten (10%) of Bidders’ intended bid amount via wire transfer are required for consideration by any interested party.

Auction Date & Time: Wednesay, June 11, 2025 at 2:15 PM EST.

Auction Location: Virtual Auction.

Terms & Conditions of Sale: See attached terms of sale for details.

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*Maltz Auctions, Inc. Exclusively Acting in Capacity as Marketing Agent for Secured Party

These assets are being sold on an “AS IS, WHERE IS” basis, and no warranty or representation, either expressed or implied, concerning the asset is made by the Seller, Auction Company or any of their Agents. Maltz is acting exclusively as marketing agent for the Sellers.  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 asset.  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 asset.  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