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March 1-7, 2019 Your Neighborhood — Your News®
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• LITTLE NECK LEDGER
• WHITESTONE TIMES
Bay Terrace Country Club up for auction
Developers to bid millions in cash on private waterfront facility in Bayside on March 5
SHELTER PROTEST
CP Residents’ Coalition spokeswoman Jennifer Shannon riles up the crowd at a pop-up rally against the proposed College Point
homeless shelter as the deadline for its September opening looms near. See story on Page 2. Photo by Bruce Adler
BY CARLOTTA MOHAMED
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
BROOKLYN COUNCILMAN
BESTS QUEENS CANDIDATES
IN PUBLIC ADVOCATE
SPECIAL ELECTION
*SEE STORY ON PAGE 24*
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.
Vol. 85 No. 9 52 total pages
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