By Patricia Adams
Wednesday, June 10th will see 64 tax lots in the Centerville area, currently owned by the New York Racing Association, on the auction block. David R. Maltz & Co., Inc., Auctioneers/Real Estate Brokers will conduct the auction of the lots all of which are residentially zoned. The auction is scheduled to begin at 1:00 pm and will take place at Aqueduct Racetrack. Registration for the auction begins at 11:00 am.
The lots being offered by NYRA through the Maltz firm’s auction range in size and are being offered in assemblages from from 2,000 square feet to more than 75,000 square feet. Landlocked properties will not be offered individually.
According to the auctioneers, three scenarios will be utilized in the auction process. “In order to provide all investors, large or small, with the opportunity to buy property, the lots will be offered for sale in bulk, 22 assemblages and individually. The properties will be sold under whichever scenario realizes the highest or best offer.”
Some local residents whose properties abut NYRA-owned properties included in the auction have expressed interest in buying lots adjacent to theirs but are concerned that the offering of lots in assemblages may see them losing out on purchasing individual lots. Many local residents in the Centerville area had hoped that NYRA would engage in negotiated sales by offering lots first to adjacent property owners.
David R. Maltz & Co., Inc., is a full service auction company specializing in the timely sale of real estate with a reputation for doing so in a professional manner. The firm has conducted thousands of auctions on behalf of clients that, like NYRA, have been involved in actions before the United States Bankruptcy Courts. Substantial amounts of the funds to be generated by Wednesday’s auction will go towards paying down NYRA’s tax debt.
All properties will be sold free & clear of all monetary liens with closing required to occur within 45 days of the auction. A $7,500/lot deposit will be required in order to register to bid. For example, if there are 4 lots in an offering, a posting of a $30,000 deposit will be required. A $350,000 deposit will be required in order to bid on all 64 lots in bulk.
Within 48 hours following the auction the successful bidder must remit a total of 16%of the high bid at auction, a 10% deposit plus a 6% buyer's premium. All deposits are required to be in certified funds and made payable to "Certilman, Balin, Adler & Hyman LLP as Escrow Agent". All of the properties included in this auction will be sold on an “as is, where is” basis.