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By Order of Bankruptcy Courts


821 Mirror Lake Drive, Lake Placid, Essex County, NY
Commercial building, former National Sports Academy
Minimum Bid $900,000!

Online Ending Wednesday, March 9 @ 1:01PM

ONLINE BIDDING ONLY
Began: 03/07/16 at 10:00 AM EST
Ended: 03/09/16 at 1:00 PM EST

REAL ESTATE AUCTION
Commercial Property in Village of Lake Placid
821 Mirror Lake Drive, V/Lake Placid,
Essex County, NY 1
2946
 Click here for: Internet Bidding Packet
Property Information Packet

Minimum Opening Bid $900,000!
Recent appraisal valued at $1,175,000

Property Description: Great Investment Opportunity! Ideal Village location across the street from Mirror Lake. Lake Placid is a vibrant village in the High Peaks District of the Adirondack Mountains and home of the 1980 and 1932 winter Olympics filled with activities all year round. The area is convenient to shopping, restaurants, public transportation, recreation and travel routes.

To be sold by Court Order. Commercial building with 27,814+/- square feet. Main floor having 6,961 square feet with 5 offices, three classrooms, conference room, dining hall and kitchen facility. Second floor has 5,700 square feet with two apartments having kitchen/living areas with bedroom and bath, one being larger and remaining space with nine uniform bedroom suites with each having  a bath. The third floor has also 5,700 square feet with two apartments and nine bedroom suites having bath but one which is larger. The apartments and bedroom suites on this floor also have loft accessed via small circular stairs with 2,280 additional square feet. The basement level is 7,173 square feet with 75% finished excluding mechanicals and workshop space. Basement has four more classrooms, lab/science classroom, six offices, locker/equipment rooms, fitness room, sauna and center hall rec hall and one office used for storage. Concrete and block foundation. Building is heated with forced air and electric baseboard. Two primary staircases at either end of building and an elevator system.

174+/- feet on Mirror Lake Drive and 117+/- feet on Parkside Drive. Street side and off-street parking available. ID# 154001 S-B-L 42.207-7-2.000

Turn into offices and apartments, senior housing, hotel, endless possibilities!

Opportunity like this rarely comes to market. Act now! 10% Buyer’s Premium.
PRE-VIEW: Contact Listing Agent, Philip Gableman 845-377-5063

Online Auction Ending
Wednesday, March 9 @ 1:01PM
Bidding Opens Monday, March 7 @ 10AM
(Bidders must be fully registered & approved by office)

Property to be sold with Insurable Title – Free of Adverse Liens or Encumbrances at closing.
Ready, Get Set, BID! To prepare for the online only auction view photos online, review Property Information (see link above), line up financing and view parcel.

It’s Easy to Bid!
1) Get a Username & Password at AARbids.com
2) Register for the Online Only Auction
3) Complete Internet Bidding Packet and you can participate.

ANNOTATED TERMS OF AUCTION: We have been contracted to sell this property at Public Auction. Get a Username & Password at AARbids.com, register for the Online-only Auction and bring/mail our ‘Internet Bidding Packet’ containing the ‘Terms and Conditions’ and a $25,000 Guaranteed Funds/Bank check payable to: Absolute Auctions & Realty, Inc. Mail to: AAR, POB 1739, Pleasant Valley, NY 12569 – no exceptions, and you can participate. Complete your due diligence prior to bidding. If successful, an electronic “Contract for Purchase and Sale NY Real Estate” will be sent to you, sign contract, return and close transaction on or before April 1, 2016. Time is of the essence. Deposit will be refunded to unsuccessful bidders. Additional Terms: By Thursday, March 10, 2016 @ 4PM by wire transfer or delivered guaranteed funds, the Buyer’s Premium to be brought up to 10% of the total bid ($25,000 deposit and the remainder of the Buyer’s Premium). Title & Liens: Property is sold with insurable title, free and clear of adverse liens or encumbrances at closing. Broker Participation: Call for details.

Remember, the auction is the only game
where you need to come in last to win!

 


AUCTIONEER’S NOTE:

The silent auction website has a “dynamic ending” feature; if someone “sniper bids” on a lot at the scheduled end of the auction, the system will extend the clock  two minutes to give everyone time to bid again. Get in on the fun! Auctions are the best way to buy good quality items “cheaper than new.”


It ain’t over til it’s over – Auctions are the only game in which
you have to come in last to win! Remember to frequently refresh your screen to see if you have been outbid!!

 


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TERMS AND CONDITIONS OF BIDDING AND PURCHASE FOR NY REAL ESTATE AT ONLINE AUCTION

 

 

 

1. REGISTRATION. ALL BIDDERS ARE REQUIRED TO REGISTER PRIOR TO THE AUCTION AT WWW.AARBIDS.COM, COMPLETE AN ‘INTERNET BIDDING PACKET’ AND TENDER A DEPOSIT OF $25,000 IN GUARANTEED FUNDS. SAID DEPOSIT IMMEDIATELY REFUNDED TO ALL UNSUCCESSFUL BIDDERS. GUARANTEED FUNDS DEFINITION: CASH, WIRE TRANSFER, MONEY ORDERS OR BANK CHECKS. SAID FUNDS MADE PAYABLE TO ABSOLUTE AUCTIONS & REALTY, INC. AND DELIVERED/MAIL TO ABSOLUTE AUCTION CENTER, 45 SOUTH AVE., P.O. BOX 1739, PLEASANT VALLEY, NY 12569. IN THE EVENT OF A SUCCESSFUL BID, BIDDER APPROVES APPLYING SAID FUNDS TOWARD THE TOTAL CONTRACT PRICE. TOTAL CONTRACT PRICE IS THE BID PLUS 10% BUYER’S PREMIUM (SEE TERM 3 FOR DEFINITION). TO BE ELIGIBLE TO BID, DEPOSIT MUST BE RECEIVED PRIOR TO 4PM THE DAY BEFORE AUCTION DATE AT THE OFFICE/ACCOUNT OF ABSOLUTE AUCTIONS & REALTY, INC.

 

2. BID DOCUMENTS. UPON CONCLUSION OF THE AUCTION, THE HIGH BIDDER SHALL BE PROVIDED ELECTRONICALLY, A COMPLETED PURCHASE AND SALE AGREEMENT.  THE HIGH BIDDER AGREES TO SIGN THEIR PURCHASE & SALE AGREEMENT (UNALTERED BY SUCCESSFUL BIDDER) AND ADHERE TO THE CLOSING DATE THERIN.  FAILURE TO EXECUTE THESE DOCUMENTS AND RETURN TO ABSOLUTE AUCTION & REALTY, INC OFFICE WITHIN 48 HOURS SHALL BE DEEMED A DEFAULT BY THE BIDDER(S).

 

3. BUYER’S PREMIUM. 10% BUYERS PREMIUM SHALL BE ADDED TO THE TOP BID TO BECOME PART OF THE PURCHASE PRICE. BUYER’S PREMIUM DEFINITION: THE BUYER’S PREMIUM IS THAT PORTION OF THE COMMISSION(S) WHICH IS/ARE BEING PAID BY THE BUYER. IT IS CLEARLY UNDERSTOOD AND AGREED BY BOTH BUYER AND SELLER THAT THE AUCTIONEER AND BROKER REPRESENT THE SELLER ONLY. THE FULL BUYER’S PREMIUM IS DUE NO LATER THAN 4:00 PM ON THE NEXT BUSINESS DAY FOLLOWING THE AUCTION, THE SUCCESSFUL BIDDER SHALL DELIVER, BY WIRE TRANSFER, OR GUARANTEED FUNDS ACCEPTABLE TO AUCTIONEER/BROKER, THE BALANCE OF THE TEN PERCENT (10%) OF THE BID PRICE. SAID DOWNPAYMENT FUNDS SHALL BE PAYABLE TO ABSOLUTE AUCTIONS & REALTY, AND DEPOSITED IN AN ACCOUNT DESIGNATED BY ABSOLUTE AUCTIONS & REALTY, FOR PRESERVATION OF SAID FUNDS. FAILURE TO FUND SAID DOWNPAYMENT SHALL CONSTITUTE IMMEDIATE DEFAULT BY THE HIGH BIDDER.

 

4. DEFAULT: HIGH BIDDER AGREES THAT FAILURE TO TIMELY EXECUTE THE PURCHASE AND SALE AGREEMENT AS OUTLINED IN #2 ABOVE, AND, OR, FAILURE TO FUND THE BALANCE OF THE TEN PERCENT BUYER PREMIUM DOWNPAYMENT AS OUTLINED IN #3 ABOVE SHALL CONSTITUTE DEFAULT. IN THE EVENT OF DEFAULT, ALL MONIES DEPOSITED INCLUDING, FOR AVOIDANCE OF DOUBT, BUYER’S PREMIUM SHALL BE FORFEITED. SELLER SHALL RETAIN ALL OTHER REMEDIES AVAILABLE BY LAW. SUCH MONEY SHALL BE EQUALLY DIVIDED BETWEEN OWNER AND AUCTIONEER/BROKER.

 

5. BACK UP BIDDER: THE BACK UP BIDDER AGREES THAT HIS/HER BID SHALL BE KEPT OPEN (AND DEPOSITS SHALL BE KEPT BY AUCTIONEER) UNTIL HIGH BIDDER PERFORMS THE OBLIGATIONS IN PROVISIONS 1-4 ABOVE.  IN THE EVENT THE HIGH BIDDER FAILSTO PERFORM PURSUANT TO THOSE PARAGRAPHS, THE BACKUP BIDDER SHALL BECOME THE HIGH BIDDER.

 

6. CLOSING DOCUMENTS. SELLER SHALL PROVIDE A LEGALLY RECORDABLE DEED. PRIOR TO AUCTION, SELLER HAS REPRESENTED TO AUCTIONEER/BROKER THAT TITLE CONVEYED SHALL BE INSURABLE AND FREE AND CLEAR OF LIENS OR ADVERSE ENCUMBRANCES.

 

7. REPRESENTATIONS AND WARRANTIES. BROKER MAKES NO REPRESENTATIONS OR WARRANTIES WITH RESPECT TO THE SUBJECT PROPERTY, AS SAME ADDRESS ZONING, SITE PLAN APPROVAL OR OTHER FEDERAL, STATE OR LOCAL LAWS. ANY MAPS, PLATS, SURVEYS, SITE PLANS, SUBDIVISION MAPS OR THE LIKE HAVE BEEN SUPPLIED BY SELLER AND AUCTIONEER/BROKER MAKE NO

REPRESENTATION, WARRANTIES OR GUARANTEES WITH RESPECT TO LOCATIONS, DIMENSIONS, TRACK

SIZES, SUITABILITY FOR USE, OR SUBSURFACE CONDITIONS.

 

8. REPRESENTATION. BY EXECUTION OF THIS AGREEMENT THE BIDDER ACKNOWLEDGES THE AUCTIONEER/BROKER REPRESENT THE SELLER, ONLY, AND THE COMMISSION PAID IN RESPECT TO

THIS SALE IS IDENTIFIED AS A BUYER’S PREMIUM AS SET FORTH IN PARAGRAPH FOUR ABOVE. THIS IS A

 

PORTION OF COMMISSION PAID BY THE BUYER.

 

9. DETERMINATION OF DISPUTES. IN THE CASE OF DISPUTED BIDS, THE AUCTIONEER/BROKER SHALL EXERCISE HIS OR HER BEST DISCRETION IN DETERMINING THE RESOLUTION OF CLAIMS, AND SUCH DECISION IS FINAL. SUCH DECISION SHALL NOT BE THE SUBJECT OF ANY POST-AUCTION

CLAIMS. AUCTIONEER/BROKER RESERVES THE RIGHT TO BID ON BEHALF OF BUYERS AND/OR SELLERS. NO TRANSFER SHALL BE RECOGNIZED FROM ONE BUYER TO ANOTHER. IN THE EVENT A DISPUTE SHOULD ARISE AFTER THE AUCTION, THE AUCTIONEER/BROKER’S  RECORDS SHALL BE CONCLUSIVE. BIDDER AGREES THAT LITIGATION SHALL BE CONDUCTED IN DUTCHESS COUNTY, NY.

 

10. PRIVACY OF AUCTION. THE AUCTION IS A PRIVATELY CONDUCTED EVENT, NOT OPEN TO THE PUBLIC AND AS SUCH, AUCTIONEER/BROKER RESERVES THE RIGHT TO REFUSE ADMITTANCE TO ANY PERSON.

 

11. INDEMNITY PROVISIONS. BY EXECUTION OF THIS AGREEMENT, BIDDER AGREES TO BEAR RESPONSIBILITY FOR ANY CHARGES, CLAIMS OR EXPENSES INCURRED BY REASON OF ANY VIOLATION, BREACH OR DEFAULT IN RESPECT TO THESE TERMS AND CONDITIONS, INCLUDING, REASONABLE ATTORNEY’S FEES, COURT COSTS, THE COST OF RE-SALE, AND REMARKETING COSTS. THE FOREGOING REMEDIES ARE NOT EXCLUSIVE.

 

12. INTERPRETATION. INTERPRETATION OF THIS AGREEMENT SHALL BE CONSISTENT WITH THE PURCHASE AND SALE AGREEMENT, IT BEING THE STATED INTENT THAT THIS DOCUMENT AND THE PURCHASE AND SALE AGREEMENT ARE TO BE READ AS INTEGRATED DOCUMENTS CONFERRING THE SAME RIGHTS AND OBLIGATIONS.

 

13. FORFEITURE UPON DEFAULT. IN SUCH EVENT BUYER FAILS TO ABIDE THE TERMS AND CONDITIONS SET FORTH HEREIN OR FAILS TO ABIDE THE OBLIGATIONS ARISING FROM THE PURCHASE AND SALE CONTRACT EXECUTED IN CONJUNCTION WITH THIS SALE, BUYER ACKNOWLEDGES HE OR SHE SHALL FORFEIT ALL MONIES DEPOSITED WITH THE SAME TO BE DISTRIBUTED IN ACCORDANCE WITH #4 ABOVE.  BY EXECUTION OF THIS AGREEMENT, BIDDER ACKNOWLEDGES THIS IS A NEGOTIATED RESULT, AND THE FORFEITURE OF SAID SUMS OF MONEY DO NOT CONSTITUTE A PENALTY.

 

14.  IDENTITY OF BIDDER.  IF HIGH BIDDER IS A CORPORATE ENTITY AND ANY MEMBER, INVESTOR, SHAREHOLDER, AGENT OR EMPLOYEE OF SUCH ENTITY HAS AT ANY TIME BEEN A MEMBER, INVESTOR, SHAREHOLDER, AGENT OR EMPLOYEE  OF WALNUT WOODS, LLC OR PARKSIDE INN,  LLC. OWNER RESERVES THE RIGHT, AT ITS SOLE DISCRETION TO DISQUALITY SUCH BID.

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Absolute Auction and Realty

http://www.aarauctions.com

Absolute Auction Center Pleasant Valley, NY 12569

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