BANKRUPTCY AUCTION SALE

Sells:  Thursday, July 27, 2023 @ 11:00 a.m. (EST)
Bid Deadline: Tuesday, July 25, 2023 @ 5:00 p.m. (EST)
Online Auction:  via Zoom (only qualified bidders will receive a link to participate in the Auction Sale)
Opening Bid:  $1,800,000
Bid Requirements: Deposit and Signed Terms and Condition of Sale must be delivered to MYC & Associates, Inc. prior to the Auction Sale.  
Required Deposit:  $180,000 in the form of a bank check made payable to "Richard J. McCord, Chapter 7 Trustee"

For sale is the iconic Kellogg's Diner, a mainstay of the Williamsburg neighborhood since 1928 located at 518 Metropolitan Avenue, Brooklyn, NY 11211.  Please contact our office for due diligence materials and for further information regarding submitting an offer to purchase. 

DETAILS

New 30 Year NNN Lease
Tax Abatement: 11 Years Remaining
150 Person Capacity
+- $3.5mm Gross Yearly Revenue

DISCLOSURE

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.  MYC & Associates, Inc. does not represent or warrant the accuracy, authenticity, or completeness of any information herein and is not liable for any reliance thereon. The sale is subject to certain conditions, including (a) that a bidder be able to negotiate transaction documents satisfactory to the Debtor’s former landlord and ownerof the diner premises, 514 Fioto Property Corp, and, (b) that if a bidder would prefer some amount of seller financing in lieu of an all cash payment, the bidder be able to negotiate loan documentation with 518 Metropolitan Avenue Corp., a judgment creditor of the Debtor and affiliate of the landlord, and (c) that the landlord and judgment creditor (if applicable) will need to be satisfied with all aspects of the transaction before entering into a long-term landlord-tenant and/or lender-borrower relationship with such bidder. The Trustee intends to coordinate with the landlord and judgment creditor and any prospective purchaser in this regard.