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Maltz Auctions - NYC Taxi Medallions

CENTRAL ISLIP, N.Y., Jul 03, 2019 (SEND2PRESS NEWSWIRE) -- Maltz Auctions, a premier full-service auction company serving the New York Metropolitan region, announced it will auction sixteen New York City taxi medallions, of which fourteen are individual and one is a mini-fleet pair, at the NY LaGuardia Airport Marriott Hotel, on Thursday, July 11, 2019 at 11 a.m. with registration commencing at 9:30 a.m.

"It's important to know," stated Maltz Auction's CEO, Richard Maltz, "that at this auction, the minimum bids for unrestricted medallions are from $130,000 and will be sold free and clear of all monetary liens."

"Individual taxi medallions are one of two main classes of yellow taxi licenses issued by the city," Maltz added. "There are restrictions on ownership whereby no person can own an interest in more than one and owners of each medallion are generally required to personally operate the taxi at least 180 days a year. The other class, corporate or 'mini-fleet' medallions, which are sold in pairs, may be owned in fleets by nondriver owners."

Additional Details:
* 16 NYC Taxi Medallions
o Fourteen Individual Medallions and One Mini-Fleet Pair
* Fifteen Unrestricted
* One Handicap
* Selling Free & Clear of All Monetary Liens
* Stalking Horse Bidders Considered, Call Richard Maltz at 516.349.7022 x 202 for Details
* Minimum Bids from $130,000 for Unrestricted Medallions

Auction Date & Time: Thursday, July 11, 2019 at 11 a.m. (Registration commences at 9:30 a.m.).

Auction Location: New York LaGuardia Airport Marriott Hotel, 102-05 Ditmars Boulevard, East Elmhurst, NY 11369.

Terms & Conditions of Sale: Sold free and clear of all liens pursuant to Article 9 of the Uniform Commercial Code and the Medallions, will be transferred free and clear of the obligations relating the Taxi Improvement Fund and MTA Tax on the transfer of the Medallions comprising the collateral by the TLC (collectively, the "Liens"). In order to register to bid, all prospective bidders must present a bank check in the amount of $20,000/Medallion made payable to "Aspire Federal Credit Union". Please download the Notice of Sale and complete Terms & Conditions of Sale.

Buyer's Premium: A Buyer's Premium of six (6%) percent of the highest bid will be added to the Successful Bidder's high bid to determine the contract price to be paid by the Successful Bidder.

Buyer Broker Participation: A two (2%) percent commission may be paid to any properly licensed New York City Medallion Broker who registers a successful buyer in accordance with the Buyer Broker guidelines. Please download the Broker Participation form for details.

Richard B. Maltz, Auctioneer DCA# 1240836
David A. Constantino, Auctioneer DCA# 1424944
Richard B. Maltz, Licensed Real Estate Broker
Phone (516) 349-7022 Fax (516) 349-0105

Auction details: http://www.maltzauctions.com/auction/353078/16-nyc-taxi-medallions/

By delivering their respective Offers, Bids and/or Deposits, all Bidders acknowledge that they have had the opportunity to review and inspect the Assets, the state of title thereof and laws, rules and regulations applicable thereto, and will rely solely thereon and on their own independent investigations and inspections of the Assets in making their bids. Neither Maltz, the Secured Party nor any of their collective representatives makes any representations or warrantees with respect to the permissible uses, quantity or condition of the Assets. All Bidders acknowledge that they have conducted their own due diligence in connection with the Real Property and are not relying on any information provided by Maltz, the Secured Party, or their professionals.

The information contained herein was derived from sources deemed reliable but is not guaranteed. Most of the information provided has been obtained from third party sources and has not been independently verified. It is the responsibility of the Buyer to determine the accuracy of all components of the sale and Assets. Each potential bidder is responsible for conducting his or her own independent inspections, investigations, inquiries, and due diligence concerning the Assets, including without limitation physical attributes of the Assets.

All prospective bidders are urged to conduct their own due diligence prior to submitting an offer or bid. Bid rigging is illegal and suspected violations will be reported to the Department of Justice for investigation and prosecution.

Learn more at: http://www.maltzauctions.com/

Follow Maltz Auctions on social media at:
- Twitter: https://twitter.com/maltzauctions
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Media Contact
Kerry Gillick-Goldberg
516.455.3179
kerry@kggpr.com

News Source: Maltz Auctions

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This press release was issued on behalf of the news source, who is solely responsible for its accuracy, by Send2Press Newswire. To view the original story, visit: https://www.send2press.com/wire/ucc-foreclosure-auction-of-sixteen-nyc-taxi-medallions-announced/