UCC Foreclosure Auction
Mixed-Use Building
41 Residential Units + Ground Floor Commercial
Details:
227 Grand Street, Williamsburg, Brooklyn, NY 11211.
The property is known as 227 Grand Street, Brooklyn, New York (situated on the corner of Grand Street and Driggs Avenue in the Williamsburg sub-section of Brooklyn) and consists of a mixed-use building (completed in 2013 as per the Final CO issued under CO Number: 302073878F) with 41 Residential Units and Ground-Floor Commercial Space (multiple stores). The property has 421-a and ICIP tax benefits.
COLLATERAL TO BE SOLD: all of (i) MY2011 Grand LLC’s 26.75% Percentage of Membership Interests in Grand Living II, LLC (the “Company“), (ii) S&B Monsey LLC’s 33.00% Percentage of Membership Interests in the Company, and (iii) Toby Moskovits’s 5.00% Percentage of Membership Interests in the Company (collectively, the “Pledged Interests“).
PLEASE TAKE NOTICE, that pursuant to Section 9-610 of the New York State Uniform Commercial Code (the “Code”), 227 Grand Street Mezz Lender LLC, a New York limited liability company, as Administrative Agent (collectively, with its successors and assigns, the “Lender”) will offer for sale or cause to be sold at public auction and sold to the highest bidder (the “Sale”) all right, title and interest of Grand Living, II, LLC, a New York liability company (“Mortgage Borrower”), together with certain other ancillary rights and collateral, all as detailed in that certain (i) Pledge and Security Agreement, made by MY2011 Grand LLC, a New York limited liability company (“My2011”), (ii) Pledge and Security Agreement, made by S&B Monsey LLC, a New York limited liability company (“S&B”), (iii) Pledge and Security Agreement, made by S&B and (iv) Pledge and Security Agreement, made by Toby Moskovits, an individual (“Moskovits”, together with My2011 and S&B, collectively, “Pledgor”), each dated as of December 29, 2016, and (iv) the Mezzanine Loan Agreement, dated December 29, 2016 between, inter alia, Borrower and Lender (the “Loan Agreement” and collectively, the “Agreements”) (such limited liability company membership interests, rights and collateral referred to in such Agreements and being offered at the Sale being hereinafter referred to collectively as the “Collateral”). Mortgage Borrower’s principal asset is the real property located at 227 Grand Street, Brooklyn, New York. The Sale will take place at the offices of Rosenberg & Estis, P.C., 733 Third Avenue, New York, New York 10017 on November 6, 2019 at 10:00 a.m. (the “Sale Date”), by Maltz Auctions by Richard Maltz, Licensed Auctioneer, DCA # 1240836 or David A. Constantino, Auctioneer DCA# 1424944.
Subject to senior indebtedness in the unpaid principal amount of $16,455,257.52 as of the August 1, 2019 payment statement, plus interest, default interest, protective advances, costs and fees, including reasonable attorneys’ fees as set forth in the Loan Documents and permitted by law. {Current as of 10/8/2019}
Sold in satisfaction of indebtedness in the approximate amount of $10,404,469.45, including principal, interest on principal and reasonable fees and costs, plus default interest through November 6, 2019, including principal, interest, default interest, protective advances, cost and fees including reasonable attorneys’ fees, as set forth in the Loan Documents and permitted by law. .
Auction Date & Time (Pre-Qualification Required): Wednesday, November 6, 2019 at 10:00 am est.
Auction Location: Rosenberg & Estis, P.C., 733 Third Avenue, New York, New York 10017.
