NOTICE OF SECURED PARTY’S PUBLIC SALE OF COLLATERAL UNDER UNIFORM COMMERCIAL CODE

PLEASE TAKE NOTICE that on Wednesday, August 17, 2016, at 2:30 P.M. local time, 38th Avenue Mezz LLC (“Secured Party”), will offer for sale at a public auction, and sell to the highest “qualified bidder”, at the front of the New York County Courthouse, 60 Centre Street, New York, New York 10007, under Section 9-610 of the Uniform Commercial Code as enacted in the State of New York, all of Secured Party’s right, title, and interest as a secured creditor of Shirokia Mezz I LLC, a New York limited liability company (“Debtor”), in 100% of the membership interests in Shirokia Development LLC, a New York limited liability company (“Issuer”), pledged to Secured Party by Debtor.  The principal asset of Debtor is 100% of the limited liability company interests in the Issuer and certain related rights and property relating thereto (collectively, the “Collateral”).  Secured Party is informed and believes that Issuer owns certain real property and the improvements located at 142-28 38th Avenue, Flushing, NY.  This sale will be held to enforce the rights of Secured Party under (i) that certain Mezzanine Loan Agreement dated as of December 23, 2015, and (ii) that certain Pledge and Security Agreement dated as of December 23, 2015, each executed by Debtor in favor of Secured Party.  The sale will be FINAL and on an “AS-IS, WHERE IS” basis and will be made WITHOUT REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, AS TO TITLE, QUALITY, MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, POSSESSION, QUIET ENJOYMENT, OR ANY OTHER MATTER.  Secured Party reserves the right to establish other reasonable bidding procedures and to require potential bidders to reasonably demonstrate their ability to perform and close on the acquisition of the Collateral to the satisfaction of Secured Party.  Secured Party reserves the right to credit bid at the auction. Secured Party also reserves the right to adjourn continue, or cancel the auction without further notice.  Any parties interested in further information about the Collateral, becoming a “qualified bidder”, obtaining a confidentiality agreement and/or the terms of the sale should contact Stephen R. Preuss of Cushman & Wakefield at (718) 512-2118 or stephen.preuss@cushwake.com.  Any prospective bidder must satisfy the requirements to be a “qualified bidder” by no later than 12:00 P.M. local time, on Wednesday, August 17, 2016.  The sale will be conducted by Jonathan Cuticelli, Sheldon Good & Company, a New York licensed auctioneer, license No. 1387302 (800)-516-0015 or jpcuticelli@sheldongood.com).  

Selling 100% Membership Interest in Shirokia Development LLC


Please call for more information: 800-516-0015

Shirokia Tower - Mezzanine Foreclosure Auction