UCC Foreclosure Sale | 12 Woodin Road, Kent CT & 7 East 88th Street, New York, NY

Description:

Auction Details
Auction Date: Tuesday, May 20th, 2025 at 3:30 p.m. EST

SHARES IN: 12 WOODIN ROAD, KENT CT AND 7 EAST 88TH ST, NYC, UNITS 1A, 1B, 2A, 3A, 4A, 4B, 5A, 5B & ROOF

NOTICE OF DISPOSITION OF COLLATERAL
Northgate Real Estate Group has been exclusively retained to market the collateral consisting of the cooperative unit shares and leases for Units 1A, 1B, 2A, 3A, 4A, 4B, 5A, 5B and Roof and 100% membership interests in a limited liability company owning 12 Woodin Road, Kent CT.

PLEASE TAKE NOTICE, that in accordance with applicable provisions of the Uniform Commercial Code as enacted in New York, by virtue of certain Events of Default under those certain Pledge and Security Agreements, each dated as of December 15, 2023, and that certain Amended and Restated Pledge and Security Agreement and Assignment of Lease and Rents, dated as of June 18, 2024 (collectively, the “Pledge Agreements”), executed and delivered by 34715, LLC and JEFFREY M. KRAUSS (individually and collectively, the “Pledgor”), and in accordance with its rights as holder of the security, NYC TH SHARE HOLDER LLC (“Secured Party”), by virtue of possession of those certain Share Certificates held in accordance with Article 8 of the Uniform Commercial Code of the State of New York (the “Code”), and by virtue of those certain UCC-1 Filing Statement made in favor of Secured Party, all in accordance with Article 9 of the Code, Secured Party will offer for sale, at public auction: (x) all of 34715, LLC’s rights, title, and interest in and to the following: (i) its shares (the “Shares”), in 7 EAST 88TH ST. CORP., allocated to cooperative units 1A, 1B, 2A, 3A, 4A, 4B, 5A, 5B and Roof (collectively, the “Units”), at the premises known and located at 7 East 88th Street, New York, NY 10128, (ii) the proprietary leases appurtenant thereto (the “Leases”, together with the Units, the “NY Property”), and (y) JEFFREY M. KRAUSS’s 100% membership interest in and to the following: (i) 34715, LLC (the “34715 Pledged Entity”) and (ii) NYC157 LLC (the “NYC157 Pledged Entity”), and (ii) certain related rights and property relating thereto (collectively, (x) and (y) above, together with the CT Property (defined below) are the “Collateral”).
Secured Party’s understanding is that the principal asset of the 34715 Pledged Entity are the Units.
Secured Party’s understanding is that the principal asset of the NYC157 Pledged Entity is that certain property located at 12 Woodin Road, Kent CT 06757 (the “CT Property”, together with the NY Property, collectively, the “Property”.

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