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Company of the Month: Maltz Auctions continues success under leadership of Richard Maltz, son of founder

January 10th, 2017 Posted in Long Island No Comments

Richard Maltz, Maltz Auctions

David Maltz, Maltz Auctions

Central Islip, NY Just over a year ago, on the evening of December 21st, 2015, David Maltz, founder of David R. Maltz & Co, Inc. d/b/a/ Maltz Auctions, died peacefully at home surrounded by his family. Only weeks earlier he had disclosed he was suffering from a rare form of leukemia.

Maltz is a formidable act to follow but his son, Richard, has been doing just that with very favorable results.

$30.75 million auction sale by Maltz Auctions of a partially constructed hotel in Manhattan.

In 2016, Maltz Auctions most notable transaction was a $30.75 million auction sale of a partially constructed hotel in Manhattan.  Prior to this auction, the largest single asset the firm ever sold was a golf course on Long Island for $19 million. The auction of this 16-story superstructure on the Lower East Side boasted 12 bidders from around the country, each posting a $2 million cashier’s check to bid, and benefited from an extremely vibrant environment with highly spirited bidding.   The catered event took place at a luxury boutique hotel with penthouse views of the property to be sold.

Wyndclyffe Mansion – Rhinebeck, NY

“Achieving both a new individual asset sales record with this auction and an annual real estate sales record of $130 million in 2016 was especially important because it was accomplished without the physical presence of my father,” said Richard Maltz, president of Maltz Auctions. “I truly feel he is watching over and guiding me, and my team, through our continued successes. He taught us all that our reputation is the single most important asset we have and as long as we stay true to that I know he’s proud.”

“One notable, albeit dilapidated, property we had this year was the Wyndclyffe Mansion thought to have inspired the phrase “Keeping Up With The Jones” in Rhinebeck, NY owned by novelist Edith Wharton’s aunt Elizabeth Schermerhorn Jones. The power of television with a mention on Good Morning America, social media, online and print media worked perfectly in tandem. We ended up with an extremely viral story, and were exposed to nearly 200 million people. My father would have enjoyed that.”   

“There continues to be increased demand for non-distressed properties, both commercial and residential, to be sold at auction. We have long-term relationships with some of the best traditional real estate brokerage firms who are having success working in cooperation with us to either sell some of their more unique properties or support with particular situations requiring expeditious and/or as-is sales. For example, we worked alongside Zere Real Estate Services, Inc. of Ronkonkoma on the “owner’s retirement” sale of a commercial office building in East Yaphank for $1.6 million. We also sold a two family home in Astoria, Queens for $1.3 million through an attorney referral for a family requiring immediate liquidity.”

Sale of a commercial office building in East Yaphank for $1.6 million by Maltz Auctions and Zere Real Estate Services.

“Additionally,we have noticed the need for select prospective sellers with substantial equity in their properties to access that equity prior to the sale of the property. Because of this, in 2017, we are expanding the availability of equity advances against consigned auction assets at discounted rates.  Loans are typically a minimum of $10,000, up to 50% of asset value and funded in a week or less without any credit verification.  This privately funded program will provide the opportunity for individuals, estates, businesses and others to quickly and easily access the equity in their real estate or high value personal assets for a host of personal reasons, one of which in the past was to save a home from foreclosure,” said Maltz. “The equity advance program is yet another service to assist those seeking to capture liquidity on an expeditious basis, while ultimately maximizing the selling price of their valuable assets.”

“We are cautiously optimistic that we’ll continue to have incredible turnouts of prospective buyers wanting to enter into ownership or expand their portfolios, and anticipate that 2017 will be another record-breaking year.”

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Publisher
Kristine is the Publisher of the weekly Run of the Paper (ROP), monthly Long Island section, and monthly Spotlights. Kristine has been with the New York Real Estate Journal since 1993. Kristine, of Norwell, is a graduate of the University of Mass.-Amherst.