ANTICIPATION MOUNTS FOR ONE-DAY, GRAND OPENING AUCTION FOR WESTCHESTER COUNTY, NY CONDOMINIUM

Orchid Condominium

23 Luxury Homes at the Orchid Condominium to Be Offered on December 12th

OSSINING-ON-HUDSON, N.Y. – Homebuyers are anxiously awaiting the opportunity to own a luxurious home in the beautiful Westchester County town of Ossining-on-Hudson for as little as $175,000.

Anticipation is mounting for the December 12th one-day-only Grand Opening real estate auction event at the now-completed, four-story Orchid Condominium building. Sheldon Good & Company, A Racebrook Portfolio Company, will auction off 23 upscale condominium homes at the building which is centrally located in the heart of historic Ossining; just a short commute from New York City.

Eight residences will be sold subject to low minimum bids starting at just $175,000 for spacious one-bedroom condominiums and $225,000 for two and three-bedroom designs. The homes were originally priced from $399,000 to $599,000 — representing extraordinary opportunities for buyers to enjoy exceptional value.

The building will be approved for financing from the Federal Housing Administration (FHA) and Fannie Mae, allowing for minimum downpayments as low as 3.5%.

The auction will take place at Tarrytown Doubletree at 455 S Broadway, Tarrytown, New York. Registration Begins at 11:00 AM; The Auction Commences at Noon. Interested buyers can view the available homes and furnished model residences during pre-auction Open Houses on Saturdays and Sundays from 11am to 2pm starting October 23rd and 24th and every weekend up until the December 12th auction.

“We initially looked to launch a conventional sales program earlier this year, but decided to finish the building first and sell all of the homes in one day through a competitive bidding auction event,” notes Ricky Aryeh, a principal of Lionheart Enterprises, Ltd., the Orchid’s developer.

“By accelerating the process, we’re able to pass our savings on to our buyers who will enjoy tremendous value and the option to occupy their new home immediately. We’re confident homebuyers will respond to this once-in-a-lifetime opportunity to purchase a luxury condominium, with the latest designer finishes and meticulous attention to details in an environmentally-friendly building, with amenities and services modeled after New York City’s most fashionable residential addresses, all for a price that is far below current market averages.”

Sheldon Good and Company is seeing more and more developers utilize the auction process during various stages of a sales program as an effective method to accelerate sales and reduce costs associated with a prolonged conventional marketing campaign. In the case of Orchid Condominium, the goal is to sell the entire condominium offering in one day.

“This is the first condominium auction to be held in Westchester County in recent memory and is a win-win for buyers and developers alike,” says Jeffrey Hubbard, Managing Director for Sheldon Good & Company. “By offering these homes at auction prices, lucky bidders will receive a level of value that doesn’t currently exist in Westchester County and may never be presented again. For the developer, it’s an opportunity to potentially sell out the entire building in one day and move on to another project.”

Located on Spring Street, near the banks of the Hudson River, just 44 minutes from Manhattan via Metro North express train service and within walking distance to all that downtown Ossining has to offer, the Orchid blends the charm of a historic structure with the luxury and convenience of modern living spaces and amenities. The original building was erected in 1938 by the Cambridge Instrument Company.

Its conversion to a luxury condominium residence included the restoration of its red brick façade and masonry to their original workmanship.

Orchid’s 21st-century improvements also include a design inspired by classic Manhattan- and Brooklyn-style condominium buildings. A variety of spacious floorplans range from 1,230 to more than 2,000 square feet of living space and feature a host of designer appointments and amenities. Found throughout the homes are eco-friendly bamboo hardwood flooring and modern kitchens with contemporary cabinets in cherry-wood finish, granite countertops and stainless steel Energy Star® appliances. Many residences also have spacious patios or terraces.

Orchid residents will arrive home in style through a grand, glass canopy entryway that leads to an elegant lobby adorned with artful lighting, recessed ceiling fixtures and contemporary finishes. The elevator building also offers a state-of-the-art fitness center that is free and exclusive to residents, indoor and outdoor secured parking, and a security and video surveillance system.

Rated #2 in a list of the “Best Places to Live” in Westchester County in the October, 2010 issue of Westchester Magazine, Ossining-on-Hudson is well-known for its scenic hiking, boating and sailing attractions; charming restaurants, boutiques, shops, quaint village stores, fantastic public golf courses including Hudson Hills Golf Course, and architecturally-significant structures — a number of which are listed on the National Register of Historic Places. A well-regarded school system includes the Park Early Childhood Center, Brookside, Claremont, Roosevelt, Anne M. Dorner Middle School and Ossining High School – one of the nation’s top 250 high schools. The new Ossining Public Library offers children’s programs, adult classes, workshops, art exhibits, career information services, 50 public Internet terminals, concerts in a 250 seat theater, and a café.

For more information on the December 12th auction and to view the available homes at pre-auction open houses, call 212-213-9770, email auctionrequest@sheldongood.com or visit www.orchidcondominium.com.

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