Real Property in Queens, New York Located at
133-38 Sanford Avenue, Flushing, New York
BULK SALE of 49 Condominium Units in Two Separate Tranches
Victoria Towers Development Corp., Chapter 11 Debtor
Eastern District of NY Bankruptcy Court Case No. 8-20-73303-reg
Two separate public Auctions shall be held to sell, IN BULK ONLY, the Estate’s interest in certain real property located at 133-38 Sanford Avenue, Flushing, New York (the “Property”), on December 7, 2022 as follows:
The Property is being sold “AS IS” “WHERE IS” and “WITH ALL FAULTS” pursuant to Bidding Procedures approved by the Bankruptcy Court.
CASH ONLY Bids for Tranche 1
with a minimum bid of $37,500,000
CASH ONLY Bids for Tranche 2
with a minimum bid of $13,500,000
are due on
Friday, December 2, 2022
by 4:00pm EST
(the “BID DEADLINE”)
For information about the bidding process or to submit a bid prior to the BID DEADLINE, please contact [email protected] or (917) 789-8163. Upon contact, and to obtain further information about the Property and/or the bidding process, inquiring parties will be required to complete a form setting forth contact information and related details, including but not limited to, identity of the bidder and financial ability to close on the transaction(s). A copy of the form to be completed by the interested parties and prospective bidders can be accessed HERE.
ANY PROSPECTIVE PURCHASER may bid on Tranche 1 and/or Tranche 2, but MUST COMPLY with all of the terms and conditions set forth in the Bidding Procedures, including, but not limited to, remitting 10% of the bid amount in certified funds to become a qualified bidder by the BID DEADLINE. The BID DEADLINE may be extended. Any bids less than the stated minimum bid amounts for Tranche 1 or Tranche 2 will not be considered or accepted.
A copy of the bidding procedures can accessed HERE.
The following is a summary of the Terms and Conditions which apply to the bidding process and sale of the Property offered in this Auction. The below is a only a summary of the conditions and all potential bidders are referred to the Bidding Procedures and the purchase and sale agreement (the “Purchase and Sale Agreement”) which shall be provided upon request for the full terms and conditions.
The Auction is being conducted pursuant to a Chapter 11 Plan sponsored by the secured lenders, Sanford Avenue Partner LLC and American Chengyi Investment Management Group Inc. (collectively, the “Plan Proponents”). The Kantrow Law Group, PLLC, counsel for the Debtor, Victoria Towers Development Corp., shall be the Auctioneer (the “Auctioneer”) and escrow agent (“Escrow Agent”) for the closing. Any party qualifying to be a bidder, participating in the Auction by registering for the Auction, placing a bid or bidding on behalf of another person or entity with a Power of Attorney shall hereafter be referred to as a “Bidder”. Only Qualified Bidders shall be permitted to participate in the Auction.
All Bidders are assumed to be sophisticated purchasers with
knowledge of New York Condominium Laws on ownership of
bulk condominium units and the requirements to become a
sponsor pursuant to the same. Bidders are encouraged to
retain legal counsel prior to placing bids.
All Bidders are required at the time of registration to acknowledge that they have reviewed and accepted the Terms and Conditions and the Bidding Procedures, in the form provided. Additionally, by placing a bid, Bidders are specifically acknowledging and accepting the conditions stated in these Terms and Conditions and the Bidding Procedures, as well as the provisions set forth in the Purchase and Sale Agreement.
This publication is intended solely to identify the impending and anticipated Auction of the Property, and it is recognized that given the nature of the proposed efforts to transact and sell Tranche 1 and Tranche 2, there are numerous and complex considerations and details which have been approved by the Bankruptcy Court as set forth in a multitude of documents, which are available upon request and on the Bankruptcy Court’s docket and any interested parties are strongly encouraged to review the same.
The Auctioneer is acting as an exclusive agent for the Seller of the Property. The Auctioneer does not represent the Plan Proponents and/or any Bidder.
All information provided by the Auctioneer or the Plan Proponents is deemed to have been obtained from reliable sources; however, the Auctioneer and Plan Proponents make no representations or warranties to its accuracy. It is the Bidder’s responsibility to conduct his/her own due diligence, inspect, review and/or analyze the Property prior to placing a bid. All sales are pursuant to the Property being sold on an “AS IS” “WHERE IS” and “WITH ALL FAULTS” basis, with no representations or warranties of any kind, expressed or implied by the Seller, Auctioneer and/or the Plan Proponents.
Each Bidder is encouraged to inspect the Property prior to Bidding and arrangements for inspection can be coordinated by emailing or calling [email protected] or (917) 789-8163. ONLY Qualified Bidders shall be permitted to schedule an appointment for inspection.
There are no Broker Fees or Buyer’s Premiums.
To qualify as a Qualified Bidder, among other things more fully set forth in the Bidding Procedures, the Qualified Bidder must deliver to the Escrow Agent, with the bid, a good faith deposit in the amount of 10% (the “Good Faith Deposit”), in immediately available funds, by wire transfer to the Escrow Agent. In addition, the Qualified Bidder must state that the Bidder is ready willing and able to enter into the Purchase and Sale Agreement. The Bidder must also state that it is financially capable of consummating the transaction contemplated by the Qualified Bidder’s bid and any increased or modified bid that may be made at the Auction and provide financial information supporting same, subject to the acceptance upon the sole discretion of the Plan Proponents.
For the full terms and conditions to meet the requirements to become a Qualified Bidder, parties are referred to the Bid Procedures.
If there are Qualified Bidders, the Auction shall be held on December 7, 2022 (the “Auction Date”), unless otherwise changed at the sole discretion of the Auctioneer and the Plan Proponents. Only Qualified Bidders shall be permitted to participate at the Auction. Debtor’s counsel, in consultations with the Plan Proponents, shall set the bidding increments for each tranche. The highest and best offer shall become the successful bidder for each tranche. The second highest and best offer shall become the back bidder for each tranche.
The Qualified Bidders shall be notified of their ability to participate and the details of the Auction December 6, 2022.
The Plan Proponents are deemed to be qualified bidders for their respective tranches. No Auction shall be held if there are no Qualified bidders other than the Plan Proponents.
The party that submits the highest and best offer as to Tranche 1 shall become the successful bidder relative to Tranche 1 (the “Tranche 1 Successful Bidder”) and the party that submits the highest and best offer as to Tranche 2 shall become the successful bidder relative to Tranche 2 (the “Tranche 2 Successful Bidder”). Successful Bids for Tranche 1 and/or Tranche 2 shall close on the respective purchases within twenty-one (21) days after the completion of the applicable Auction and entry of an order by the Bankruptcy Court approving the Sale to the Successful Bidder(s); provided however, that the Closing Date may be extended up to an additional 30 days if the Successful Bidder pays the per diem carrying costs with respect to the purchased property (including taxes, water and sewer charges, and interest owed on the debt) for each day that the Closing Date is extended; provided further that the Closing Date may take place on such other date as the Plan Proponents, respectively, and the Successful Bidder may mutually agree to in writing, or on such other date as may otherwise be directed by Order of the Bankruptcy Court (such date, the “Closing Date”), with TIME BEING OF THE ESSENCE AS TO THE SUCCESSFUL BIDDER’S OBLIGATION TO CLOSE ON THE CLOSING DATE AND TO PAY THE BALANCE OF THE PURCHASE PRICE AT THE CLOSING.
Failure of a Successful Bidder to close shall result in the forfeiture of the Good Faith Deposit.
The Auctioneer and the Plan Proponents may — at their discretion — extend the Bid Deadline and/or the Auction date.
All Property is being sold “AS IS” “WHERE IS” and “WITH ALL FAULTS”, with no representations or warranties of any kind, including but not limited to, the condition of the Property, as well as any improvements, soil, environmental, wetlands, zoning or any other matters — expressed or implied — by the Seller, Auctioneer and/or the Plan Proponents. All Property also shall be sold subject to any existing restrictions, conditions, easements, zoning, property owners associations fees and all matters that may be revealed in a current survey, inspection and/or title examination.
The Auctioneer reserves the right to cancel the Auction at any time. The Auctioneer and the Plan Proponents reserve the right to reject any bid for any reason. The Plan Proponents and their agents, assignees, nominees or delegees reserve the right to place bids on the property up to their claim amounts.
Any acceptance of a winning bid may be rescinded by the Plan Proponents in their sole discretion, for any reason prior to the Purchase and Sale Agreement being executed by the Debtor. Neither the Auctioneer nor the Plan Proponents will be responsible for any omissions or errors related to the Auction, this or any other publication relating to the Auction, the Terms and Conditions, the Purchase and Sale Agreement and/or the Closing Documents.
All Bidders shall carefully review, inspect, analyze, perform any test or other necessary due diligence prior to bidding. Bidders shall make their own determination as to the accuracy of any due diligence or information provided by the Auctioneer or the Plan Proponents. No personal property will be conveyed unless specifically denoted in the Purchase and Sale Agreement.
The terms of the Purchase and Sale Agreement shall prevail in the event of any inconstancies between the terms and conditions of the Auction, announcements, communications by the Auctioneer or the Plan Proponents and/or the Purchase and Sale Agreement. The Auctioneer and the Plan Proponents are not responsible for any technical issues, missed bids or bids placed after the closing of the Auction. The Auctioneer and the Plan Proponents, reserve the right, in their sole discretion, to revoke the bidding privileges of any bidder at any time for any reason.
If there are any questions, or further information is needed, please email [email protected] and/or call (917)789-8163. Thank you.
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