EAST ORANGE, N.J. – A selection of 30 residences at 60 Parkway Drive East, the high-rise condominium building in East Orange, N.J., will be offered at a developer close-out auction on April 18th by Sheldon Good & Company, LLC, A Racebrook Portfolio Company, America’s leading real estate auction marketing firm.
Originally priced from the $100,000s to $399,000, the studio, one-and two-bedroom homes are being offered at suggested opening bids as low as $35,000, a never-before-seen value in today’s housing market created by the incredible auction pricing, Manhattan-inspired amenities and a convenient location, according to the national real estate auction firm. Fifteen of the residences will be sold “Absolute,” regardless of price. Included in the homes to be auctioned will be the penthouse residences located on the building’s top two floors.
“The affordability and value offered at 60 Parkway resulted in tremendous sales success from the day we opened our doors,” says Pinny Loketch, a principal of GLC Group, LLC, developer of 60 Parkway. “Homebuyers quickly responded to this once-in-a-lifetime opportunity to purchase a condominium lined with the latest designer finishes and appointments and located in a building with amenities and services modeled after New York’s City’s most fashionable residential addresses, all for a price that is far below current market averages.”
“We are now taking it one step further by offering these homes at auction prices, enabling lucky bidders to receive a level of value that may never again be presented. What’s more, we’re committed to paying all closing costs which will equal even more savings for the buyers.”
The April 18th auction will be held at the Hilton Short Hills located at 41 John F. Kennedy Parkway, Short Hills, NJ 07078. Registration begins at 11 a.m.; the auction commences at noon. Certified or cashier’s checks for $2,500, $3,500 and $5,000 are required to buy. Viewing dates are scheduled for March 14, 20, 21, 27 and 28 and April 3, 10, 11 and 17.
“With the 15-story building nearly sold out and the developer motivated to move on to a new project, they have decided to utilize the auction process to accelerate sales by providing buyers with a one-day opportunity to enjoy exceptional savings,” adds Jeff Hubbard, Senior Managing Director for Sheldon Good & Company.
“Interested buyers who attend the pre-auction Open Houses will be astounded by what’s being offered in terms of well-appointed homes, exciting amenities and services and a convenient location.”
Utilizing an auction to close out sales at new construction buildings has become an increasingly popular approach for developers who recognize the economic benefits.
“Developers today have a different mindset when it comes to the end of a sales program,” adds Mr. Loketch. “Driven largely by current market conditions and the considerable economic advantages, more and more are turning to auction events rather than the conventional sales methods.”
“By speeding up the sales process through a one-day auction, we’ll be able to significantly reduce our carrying costs and pass these tremendous savings on to our buyers.”
In addition to the incredible auction prices and seller-paid closing costs, the affordability at 60 Parkway is enhanced even greater for first-time homebuyers thanks to the building’s Federal Housing Administration (FHA) approval which allows downpayments of as little as 3.5%. The availability of immediate occupancy also enables many to take advantage of the $8,000 Federal Tax Credit. .
The condominium homes at 60 Parkway are finished with the latest in designer appointments and features, including hard wood flooring, kitchens with wood cabinets, granite countertops and stainless steel appliances; and sumptuous master baths with wood vanities, cultured marble vanity tops and ceramic times. Homes boast private balconies to enhance panoramic view of the ever changing New York City skyline.
Residents also enjoy the added exclusivity and comfort of the Unitone Video Intercom and Security System which provides automatic on-screen viewing, automatic Concierge call back, message notification and direct taxi requests. Building amenities include an elegant and modern welcoming lobby, state-of-the-art fitness center, media room, lounge, Concierge and secure parking.
Situated close to Manhattan, 60 Parkway is ideal for commuters with express bus service right outside the building and shuttle service to and from the East Orange Train Station with service to New York City Penn Station. The Garden State Parkway and Route 280 provide convenient access to business centers in Manhattan and northern and central New Jersey. Newark Liberty International Airport is also minutes away.
Located in Essex County, N.J., East Orange is minutes from the cultural and entertainment offerings in Newark, including the New Jersey Center of Performing Arts, the Newark Museum, Prudential Center, Newark Bear Stadium and fine dining in the Ironbound District.
For more information, call Sheldon Good’s auction line at (212 213-9770), FAX the company (212 213-9802) or visit the 60 Parkway auction website at http://www.60parkwaydrive.com.