Five Properties To Be Sold “Absolute” on March 23rd
NEW YORK, N.Y. — Sheldon Good & Company, a Racebrook Portfolio Company, has been retained to sell five apartment buildings in Trenton, NJ and Allentown, PA operated by Connolly Properties, Inc. during a one-day-only real estate auction on March 23rd.
The assets will be sold separately and “Absolute,” regardless of price, according to Jeffrey Hubbard, Senior Managing Director for Sheldon Good & Company, America’s leading real estate auction marketing firm.
Suggested opening bids for the properties range from $500,000 to $6.5 million. The March 23rd auction will be held at the Hilton Woodbridge at 120 Wood Avenue, Iselin, NJ.
Registration begins at noon; the auction commences at 1 p.m. Certified or cashier’s checks in varying amounts depending on property are required to buy.
“Connolly Properties, Inc. is an owner/operator of a large portfolio of multi-family properties in the New Jersey and Pennsylvania marketplace,” notes Mr. Hubbard. “As part of a corporate reorganization, they have targeted select assets within their portfolio to sell at this time, and have elected to do so through an auction process. We’re delighted that Connolly and its Lenders have placed their confidence in Sheldon Good & Company to carry out the auction, which we believe is the most efficient and cost-effective method of expediting the sale of these properties. We’re confident that our proven auction model will achieve the results sought by all parties involved.”
Ron Simoncini, a Connolly Properties spokesman, said: “It would be difficult for us to seem enthusiastic about giving up any of our properties — we believe in all of them. But the reality is, the intelligent strategy is for us to sell select assets in the portfolio, reform our capital base and satisfy our obligations to creditors.”
Three of the five properties are located in Allentown, PA. They include:
• Washington Crossing: A mix of 108 studios and one-bedroom rentals located on a
6.8- acre site at 509 East Mosser Street. The four-building garden-style apartment complex features three-story brick facades and on-site resident parking. The gross potential income is $745,000. On-site inspections are available from 10:00 a.m. to 1:00 p.m. on February 25th and March 4th, 11th and 18th;
• The Livingston: A historic, six-story apartment building consisting of 36 studio, one- and two-bedroom homes located at 1411 West Hamilton. The Beaux Arts-inspired property is vacant and can be converted into rental homes or for-sale condominiums. The building features a large lobby and meeting area on the first floor. On-site inspections are available from 10:00 a.m. to 1:00 p.m. on February 25th and March 4th, 11th and 18th;
• Julian Court: A four-story, 20-apartment brick building at 1521 West Union Street. The complex of studios, one- and two-bedroom residences also features on-site laundry facilities and a parking garage and lot located on 116 South Fulton Street. On-site inspections are available from 10:00 a.m. to 1:00 p.m. on February 25th and March 4th, 11th and 18th.
In Trenton, New Jersey, properties to be sold at auction include:
* Carteret Arms: 276 studio, one- and two-bedroom homes located at 333 West State Street. The building is being sold subject to US Bankruptcy Court approval. The fully-amenitized, 15-story elevator building features a fitness center, laundry room, 24-hour security and lobby-level grocery store and restaurant/coffee shop. Gross potential income is $2,400,000. Property tours will begin at 10:00 a.m. on February 24th and March 3rd, 10th & 17th;
* Grand Court Villa: A renovated 63-unit building at 507 Grand Street. The Iberian-style masonry building consists of one-and two-bedroom rental homes, some with finished or partially finished basements with direct garage access. Building amenities include spacious lobby and common areas, fitness center, laundry rooms and heated garage. Gross potential income is $809,000. Property tours will begin at 1:00 pm on February 24th and March 3rd, 10th & 17th.
A detailed Bidder’s Information Packet has been assembled containing pertinent information specific to each property, the auction, and the Terms of Sale, and can be purchased by calling 800-516-0014. The purchase of a Bidder’s Information Packet is required in order to bid at the auction.
For more information, call Sheldon Good’s auction line at 800-516-0014, FAX the company at (212) 213.9802, or visit its Connolly auction webpage at .
About Sheldon Good & Company
Sheldon Good & Company (www.sheldongood.com) is the nation’s premier real estate auction firm. Founded in 1965, the company has sold over 40,000 properties in all asset classes via real estate auction. Our innovation is widely acknowledged by prestigious publications such as Forbes, Fortune, The Wall Street Journal and others. Owned by Racebrook Capital, a private equity firm, Sheldon Good & Company’s headquarters are located in New York City, with primary offices in Chicago, Denver, Scottsdale and San Francisco — and strategic locations nationwide.