About 17 acres of land near Aqueduct Racetrack belonging to New York Racing Association (NYRA) were sold at public auction recently, raising an undisclosed amount of cash to pay tax and other debt.
Auctioneer Richard Maltz, of David R. Maltz and Company, said that all of the properties, 77 tax lots in all, “were sold, subject to approval by NYRA,” at the Wednesday, June 11 event, held at the track in Ozone Park.
“NYRA was very happy with the outcome,” Maltz said of the auction, which drew both developers and local residents to vie for the parcels, which brought in as much as $460,000 or as little as $32,000.
Maltz is not disclosing how much money was realized in the sale, but IRS is owed a hefty amount by NYRA; the balance is slated to pay debts to the state, according to reports.
Some area residents, who had lived next to the vacant parcels for years, successfully bid on land they had been caring for. Carlos Benitez and his wife Grace secured a 48-foot-wide lot next to their home with a bid of $125,000.
“We’ve been taking care of that property for years – I’ve been mowing it and we planted shrubs,” Benitez was quoted as saying. “It’s not going to be developed any more than it is now.”
Others were reportedly not so fortunate. One, Frank DeBartolo, 75, complained that “the whole process wasn’t fair.” A 60-by-100 foot parcel next to his home reportedly went for $250,000 in the first round of bidding on lots.
He had hoped to buy a portion of the land, which he had been caring for since 1964. “I mowed the grass. I fenced it in so no one would dump there,” DeBartolo was quoted as saying. “There are a lot of older people who have lived here a long time who couldn’t get the land next to their homes.”
Successful bidders have until the end of July to “close” their purchases and pay all fees and taxes relating to the transfer of the real estate, or they will lose any down payment and the 6 percent “buyer’s fee” that goes to the auctioneer.
