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Sheldon Good to auction 230 tri-state properties

Real Estate Weekly, Feb 19, 1997

The bank-owned real estate is valued between $25-35 million. The sale will take place Saturday and Sunday, March 1st and 2nd, at the Sheraton Meadowlands, Two Meadowlands Plaza, in East Rutherford, NJ for the New Jersey, Pennsylvania and upstate New York properties; and Sunday, March 2nd for the New York City/Long Island properties at the Crowne Plaza Manhattan, 1605 Broadway, in New York City.

The scope of Sheldon Good & Company's open-outcry "Metro 3 1997 auction" - the first in what is planned to be a series of 1997 multi-property auctions conducted by the company - takes in 56 towns and villages in New Jersey, 72 municipalities in New York and three in Pennsylvania - all within a 32-county area.

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At least one-third of the residential assets will be sold absolute, without reserve, to the highest bidders regardless of price on days of auction. A substantial number of the commercial properties will also be sold without reserve, subject to very low minimum bids.

Sheldon Good & Company's roster of 230 assets includes the widest variety of available properties. Highlights of the offerings follow:

* An elegant five-story, 20-unit Parisian-style limestone apartment building at 44 E. 74th Street, situated on one of Manhattan's finest blocks between Park and Madison Avenues, in the midst of the art gallery district, around the corner from the Whitney Museum. Currently with only 6 tenanted units, this property is ideal for conversion into luxury condominiums, as an embassy, a gallery, professional building or an elegant one- or two-family residence.

* An elegant, three-level 4,946 square-foot single-family three-bedroom colonial contemporary "trophy home" with walk-out terraces in Plandome, NY, overlooking Manhasset Bay.

* A 2,528 square-foot two-family frame home in the Woodrow section of Staten Island.

* A four-acre lot with an expansive single-family home in Carmel, NY in Putnam County.

* A studio condominium on the 19th floor of the luxury Royale building at 188 E. 64th Street.

* A spacious single-family residence in "move-in" condition in Monmouth, NJ, perfect for a growing family.

* An expansive two-level condominium in the exclusive Roslyn/North Hills, NY area, close to many nearby golf and country clubs.

* A 5,619 square-foot former restaurant facility in Ocean, NJ, with a four-bedroom, 2,091 square-foot apartment.

* Sixty-six acres of land with 3,000 feet of frontage along Route 9 in Hyde Park/Dutchess, NY, with preliminary approval for 162 luxury town-homes.

* An all-brick English mini-estate in Marlboro, NJ, elegant and spacious in a wooded area in move-in condition.

* A three-story and historic commercial office building with 11,347 square feet of rentable space in Clinton/Hunterdon, NJ.

* A bi-level, ranch-style home in Rockland County's Valley Cottage, with three outdoor decks and a two-car garage, perfect for the entertainer.

* A 2,800 square-foot retail condominium in Mr. Olive Township, Morris, NJ.

* A three-bedroom home in Catasauqua, Lehigh, PA.

* A five-bedroom, 3.5-bath colonial-style "trophy home" in Upper Saddle River, with a three-car garage.

All of the residential properties offered for sale will be available for inspection at "open houses" on Saturday and Sunday, February 22nd and 23rd. The commercial properties may be inspected during weekday business hour February 19th and February 20th.

A seminar will be held in New Jersey on Wednesday, February 19th at 7 p.m. at the Sheraton Meadowlands hotel.

In New York, the seminar will be held February 20th between 1-3 p.m. at Sheldon Good & Company Auctions Northeast, 18 East 41st Street, Suite 1600.

Competitive mortgage financing is available to purchasers of both residential and commercial properties. Financing for properties auctioned by Sheldon Good & Company at its "Metro 3 auction" is available for New Jersey properties through Central Jersey Mortgage Corporation 1-(800) 8430058 and for the New York properties through Intercounty Mortgage, Inc. 1-(800) 216-5234. Ask for the auction finance department at either company.

For additional information concerning the Citicorp Mortgage and Summit Bank 1997 Spring Auction program, call the Sheldon Good Auction Information Center at (212) 532-0084.

Business Services Industry

Sheldon Good to auction 230 tri-state properties

Real Estate Weekly, Feb 19, 1997

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