The 1.5-acre Bay Terrace Country Club overlooking Little Neck Bay in Bayside will be up for bankruptcy auction on March 5.
International Properties Group (IPG) will be auctioning off the waterfront development site located at 217-14 24th Ave. in Bayside at the Law Office of Shafferman & Feldman at 137 Fifth Ave. in Manhattan.
The Bay Terrace Country Club is a private swim club that provides members and guests a large assortment of fun and healthy activities for both children and adults with activities including water aerobics, an interactive kiddie pool, live entertainment and card games.
“As President of the Bay Terrace Community Alliance, I was surprised and saddened to hear the closing the Bay Terrace Country Club,” said Matthew Silverstein. “I am very concerned about the future of this site and the impact the upcoming auction will have on our community. We will be keeping a close eye on this auction. Who ever purchases this site, I hope will have the community at the table when considering what to develop at this site. Our communities future is at stake here and we will not be silent on this issue.”
Maureen Hilsdorf, president of the Board of Governors added, “We have a lease/contract that legally grants us operating the pool under our management for this season and seasons after this. This auction is for the benefit of the shareholders of the Bay Terrace Country Club.”
There will be open houses for membership at the club in April and May, according to Hilsdorf.
The bankruptcy auction comes after the U.S. Bankruptcy Court of New York’s Eastern District ordered a bankruptcy auction, and IPG was hired in January to handle its marketing and coordination.
“This is a rare opportunity for an experienced developer or investor to acquire a valuable piece of property,” said Keith Radhuber, managing director of International Properties Group. “Someone who is experienced in rezoning can truly capitalize on this situation.”
The waterfront development is 64,810-square-foot pool club with 32,045 buildable square feet of property. According to IPG, the opportunity exists for experienced developers to change zoning and gain significantly more square footage. Interested developers who build condos, co-ops, and the like can generate a high premium for the magnificent water views.
The minimum bid for the development is $5,860,000, said Radhuber. The purchase must be made in cash on the day of the auction, and the successful bidder must come prepared with a 10 percent deposit.
“The closing is usually within 30 days and it’s probably best if the prospective bidder speaks with the attorney for the better just to make themselves known and to substantiate the fact that it’s a doable and affordable purchase for a prospective buyer to make,” said Radhuber.