Auction Sale Details
Sells: Thursday, March 6, 2025 at 11:00 a.m. (EST)
Online Auction: via Zoom (only those who qualify to bid will receive a link to the Auction Sale)
Bid Deadline: Tuesday, March 4, 2025 @ 5:00 p.m. (EST)
Opening Bid: $1,575,000
Required Deposit: Bank/Cashier's Check in the amount of $161,000 made payable to “Debra Kramer, as Chapter 7 Trustee”.
Buyer’s Premium: Six Percent (6%)
Bid Qualifications: To participate in the Auction Sale, by the Bid Deadline, each prospective bidder must: (i) register with MYC; (ii) deliver to MYC the original signed Auction Sale Procedures; and (iii) tender the Required Deposit. The Auction Registration Form and the Auction Sale Procedures can be found in the 'Download' section below.
property details
This fourteen (14) unit lodge / hotel located in the highly desirable Elmhurst section of Queens, NY. All units are spread over three (3) floors with each unit containing its own bathroom. A shared laundry room and additional sleeping quarters are located in the basement which is also used as additional storage. Zoned R6B, the property also presents a redevelopment opportunity of +/-8,000 SF.
Yearly Financials
$330,456 Income
($40,047) Real Estate Taxes
($12,000) Insurance
($8,360) Electric
($7,600) Heat/Hot Water
($8,000) Water/Sewer
($24,000) Misc. Repairs/Maintenance
($100,007) Total Expenses
$230,449, Projected Net Operating Income
DISCLAIMER
All information provided by MYC & Associates, Inc. is from public documents or third-party sources, is not guaranteed and should be independently verified. The information herein is subject to errors and omissions. The subject property may be sold or withdrawn from the market without notice. MYC & Associates, Inc. does not represent or warrant the accuracy, authenticity, or completeness of any information and is not liable for any reliance thereon.
