U.S. Bankruptcy Court
Southern District of New York
Case No: 04-10428 (RDD)
6-Story- Walk Up
11 Residential Units and 1 Store
239 Elizabeth Street ( between Prince & E. Houston)
* Legal Block – 508 * Legal Lot- 42
* Lot Size – 20` x 90` * Bldg. width 20` x 75` depth
* Zoning C6-2 * County Use C 7
* Property Tax $21,546.08 for 2004
UNITED STATES BANKRUPTCY COURT Sale Date:
SOUTHERN DISTRICT OF NEW YORK March 17, 2004 @ 2:00 pm
____________________________________X
In re:
Joseph Allen Kirsh Case No.: 04-10428 (RDD)
Chapter 7 Case
Debtor.
____________________________________X
TERMS OF SALE AND OVERBID PROCEDURES
The premises known as 239 Elizabeth Street, New York, New York 10012 (the “Real
Property”) will be sold by Angela Tese-Milner, Esq., the Chapter 7 Trustee (the
“Trustee”) of the above Debtor, and will sell the Real Property pursuant to the
order of the Honorable Robert D. Drain, United States Bankruptcy Judge, on the
following terms and conditions:
TERMS OF SALE
1. On the 17th day of March, 2004 at 2:00 p.m. pursuant to the application (the
“Application”) of the Trustee, a auction sale will be conducted by G.E.M.
Auction Corp. (“G.E.M.”) at the United States Bankruptcy Court, Southern
District of New York, One Bowling Green, Room 610, New York, New York 1004,
pursuant to sections 363, 365 and 724(b) of the Bankruptcy Code and free and
clear of all liens, claims or encumbrances, or at such other date as the Trustee
may set.
2. The Trustee shall convey all of the Trustee’s right, title and interest in
and to the Real Property, “as-is”, “where-is”, without covenants, free and clear
of all liens, claims and encumbrances, with such liens, claims, and encumbrances
to attach to the sale proceeds (the “sale”). The sale is subject to Bankruptcy
Court approval which will be sought immediately after the conclusion of the
auction.
3. Any party who meets the qualifications herein may submit a higher or better
offer. Any party who submits a higher or better offer must submit to G.E.M.
prior to the bidding a bank or certified check made payable to Angela Tese-Milner
as Trustee in an amount of not less than 20 % of their bid.
4. At the hearing, the approved purchaser shall augment the 20% deposit by
providing the Trustee with another check so that the two checks total an Earnest
Money Deposit of $716,253.43, the amount of the New York City Department of
Finance lien. Unless agreed to by the Trustee, the closing shall take place on
March 19, 2004. Time shall be of the essence as to the purchaser’s obligation to
close, and purchaser shall have no right to adjourn the closing date unless the
Trustee shall agree in writing thereto and the Trustee shall tender an amount
sufficient to pay the New York City Department of Finance lien on March 20, 2004
from the Earnest Money Deposit pending a closing.
5. The real property is sold in “as is” condition, free and clear of all liens,
claims, encumbrances, and interests.
6. The purchaser of the Real Property will either close by March 19, 2004 or
deposit with the Estate the amount of $716,253.43 to satisfy the New York City
Department of Finance liens and in return, will take a first priority secured
position in the property, subject to the Trustee’s right under the purchase
agreement and these procedures.
7. If any purchaser shall fail to close the sale, the earnest money deposit
shall be forfeited and the foregoing lien shall be of no force or effect. In no
event whatsoever shall such defaulting purchaser be entitled to any refund.
8. Purchaser agrees that the turnover of the Real Property upon the closing of
the sale shall be the sole obligation of the purchaser, without liability or
obligation therefore on the part of the Trustee.
PROCEDURES FOR SUBMISSION OF HIGHER OR BETTER OFFERS
8. Any party submitting an offer must also comply with the following
requirements:
(a) All bidders must provide proof of financial capability acceptable to the
Trustee and the Court, and (b) Any overbids must be submitted to GEM and shall
be submitted to the Court for determination as to whether such bid constitutes a
higher or better offer and is subject to the authorization of the Bankruptcy
Court.
9. The Trustee reserves the right to modify these procedures in the exercise of
her fiduciary duties.
Pursuant To The Order Dated March 3, 2004
By Order of the United States Bankruptcy Court,
Southern District Of New York,
Honorable Robert D. Drain,
United States Bankruptcy Judge
Dated: New York, New York
March 3, 2004
Respectfully submitted,
Tese & Milner
Counsel for the Chapter 7 Trustee
By: s/ Angela Tese-Milner
Angela Tese-Milner (ATM-9110)
One Minetta Lane
New York, NY 10012
(212) 475-3673