NEW YORK, N.Y. – Sheldon Good & Company, a Racebrook portfolio company, will conduct a one-day real estate auction for six multi-family buildings located in Plainfield, N.J. that have been entered into Chapter 11 bankruptcy proceedings.
The well-located assets are being sold at auction as part of the Chapter 11 bankruptcy of select rental complexes owned and operated by Plainfield, N.J.-based Connolly Properties.
The buildings will be sold separately and “Absolute,” regardless of price, subject to US Bankruptcy Court approval, according to Jeffrey Hubbard, Senior Managing Director for Sheldon Good & Company, a Racebrook Portfolio Company.
Suggested opening bids for the properties range from $350,000 to $2.5 million. The June 24th auction will be held at the Hanover Marriot located at 1401 Route 10 East in Whippany, NJ. Registration begins at 12:00 pm; the auction commences at 1:00 pm. Certified or cashier’s checks in varying amounts depending on property are required to buy.
“The auction is part of an agreement between the Lender and Borrower to expedite the sale of these well-located properties,” notes Mr. Hubbard. “The process provides outstanding investment opportunities for property owners to acquire sound assets at favorable auction prices.”
Three of the six properties are located adjacent to one another on East Front Street in Plainfield. They include Watchung Garden Crossing, a mix of 102 brick garden apartments at 802-837 E. Front Street; Netherwood Village, 107 garden apartments at 825-855 E. Front Street; and Green Brook Village, a collection of 58 garden-style rental homes in four brick residential buildings located at 733-747 E. Front Street.
The remaining rental complexes offered in the one-day auction include Liberty Arms, 84 rental units in four-story brick buildings located at 501 & 515 West 7th Street; Central Avenue Apartments, 20 residences in the three-story buildings located at 831 Central Avenue; and Madison Avenue Apartments, 39 residences in four-story brick buildings at 609 Madison Avenue.
On-site inspections of each property will be available from 10:00 a.m. to 2:00 p.m. on June 9th, 16th, 17th and 22nd.
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 http://www.sheldongood.com/apartments.php.
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.