Auction Detail

2 MIXED-USE BUILDINGS

UCC Foreclosure Auction - Postponed

Prime Location

Live Auction

Began: Friday, July 24, 2020 at 12:00 PM EDT

Location: Virtual Auction,

Details

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UCC Foreclosure Auction - Online Auction

2 Mixed-Use Buildings

Chinatown, Manhattan, NY 

Details:

  • 2 Bowery, Manhattan, NY 10013

    • The subject property consists of a 1,651 sq ft lot improved with an 8,255 sq ft building. The 5-story, elevator, mixed-use building was constructed circa 1915 and is irregular in shape. The ground floor has a small residential vestibule on Doyer Street with the rest used as ground-floor retail. The second floor is commercial space with the most likely use as office. In addition, the building has both a full basement and sub-basement area. The basement is built out for office use (with safe) while the sub-basement is largely storage. The sub-basement through second floor were previously leased to Chase Bank. Levels three, four and five are configured as residential units each with two rent stabilized units.

  • 26 Bowery, Manhattan, NY 10013

    • The subject property consists of a 2,400+ sq ft lot improved with an 11,565 sq ft building. The 5-story walk up, mixed-use building was constructed circa 1920.  The ground floor and second levels are used as commercial space plus a small entry vestibule for the residential units. There is a full basement area that is used for storage and mechanicals. Levels three, four and five are configured as residential units. 

    • The first and second floors are currently gutted to the studs. The basement is set up for a restaurant/kitchen area. The building is an IMD building. A certificate of occupancy shows offices on the 3rd - 5th floor, however, there are 4 apartments (1 on floor #3, 2 on floor #4 and 1 on floor #5), one of which (on floor #4 is IMD). 

  • BY VIRTUE OF DEFAULT under that certain Promissory Note and General Security Agreement dated April 26, 2019 (collectively, the “Mezz Loan”) as secured by those certain Membership Interest Pledge, Assignment and Security Agreements (collectively, the “Pledge Agreement”) pledging the membership interest (the “Pledged Interest”) as defined in the Pledge Agreement, duly executed on April 26, 2019, by Chouk Ng, Wilson Ng and Steven Ng (collectively the “Pledgor”), and in accordance with its rights as holder of the security, Bowery Mezz LLC (the “Secured Party”) by virtue of possession of those certain Limited Liability Company Certificate(s) and Borrowing Authority held in accordance with Article 8 of the Uniform Commercial Code (the “Code”) and by a UCC1 Filing Statements in favor of Secured Party all in accordance with Article 9 of the Code, Richard B. Maltz  (DCA # 1240836) or David A. Constantino (DCA# 1424944), Auctioneer, will conduct a public sale, consisting of the Pledged Interest (as set forth in Schedule A below), on July 8, 2020 at 10:30A.M., via online bidding, in satisfaction of an indebtedness in the approximate amount of $480,211.72, including principal, interest on principal and reasonable fees and costs, plus default interest through July 8, 2020, subject to open charges and all additional costs, fees and disbursements permitted by law.   The Secured Party reserves the right to credit bid. 

  • Online bidding will be made available for pre-registered bidders via Maltz's online bidding App available for download in the App Store or on Google play and via desktop bidding at RemoteBidding.MaltzAuctions.com .  Furthermore, Kriss & Feuerstein LLP reserves the right to convert the auction to an online-only auction for pre-registered bidders.

  • Subject to senior indebtedness in the unpaid principal amount of $8,200,000 and payoff amount through 7/8/2020 in the amount of $9,193,677.90.

  • Upset Price: $480,211.72

 

Bidder Qualification Deadline: Tuesday, July 7, 2020 at 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.

Bid Delivery Location: KRISS & FEUERSTEIN LLP, 360 Lexington Avenue, Suite 1200, New York, NY 10017.

Auction Date & Time: Friday, July 24, 2020 at 12:00 noon.  

Auction Location: Virtual Auction.

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

 

KRISS & FEUERSTEIN LLP, Attorneys for the Secured Party
 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

*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.

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