NEWARK, NJ, March 25, 2014 — Madison Hawk, a national real estate firm and industry leader specializing in Structured Accelerated Sales, will conduct real estate auctions for two Essex County, NJ properties tomorrow (Wednesday, March 26th) at the Newark Hilton Hotel located at 1770 Spring Street in Elizabeth, N.J.
Included in the separate auctions will be an industrial facility located at 126 Passaic Street in Newark, NJ and a portfolio of 18 condominium residences at 60 Parkway Drive East, a 15-story high-rise building in East Orange, NJ.
The industrial facility is being sold as part of the property’s Chapter 11 bankruptcy proceedings. The auction will include the sale of a five-story, 56,000 square-foot warehouse building, 6,000 square-foot office, a laboratory trailer and a 4 million gallon storage tank. The property — which formerly housed a Biodiesel Refinery — can accommodate a variety of industrial uses and includes permits to store hazardous materials.
The site will be sold subject to final approval from the United States Bankruptcy Court District of New Jersey. Qualified bidders are required to bring a $250,000 certified check to the auction.
The sponsor-owned residences at 60 Parkway Drive East represent the final unsold condominiums in the 183-unit building and will be sold in bulk at the close-out sale, with a suggested opening bid of only $750,000. With the balance of the homes in the building having sold at asking prices ranging from $129,000 to $250,000, the studio, one- and two-bedroom residences in the portfolio sale will be offered at a significant discount and have a projected Net Operating Income of $137,000 annually. A number of premium homes are included in the portfolio, including nine penthouse residences located on the building’s top two floors.
The portfolio consists of one studio, 12 one-bedroom homes and five two-bedroom residences ranging from 428 to 1,310 square feet of living space. The homes feature designer finishes and appointments, 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 have private balconies and some feature panoramic views of the New York City skyline.
Registration for both auctions begins at 11:00 AM, with the auctions commencing at 12:00 PM.
For more information on the auction events, please call (800) 547-1045, or visit www.MadisonHawk.com
About Madison Hawk
Madison Hawk is a national real estate firm and industry leader specializing in Structured Accelerated Sales and Capital Market Solutions to complex real estate situations across all asset classes. The Madison Hawk team is among the most experienced in the industry, having designed and executed over $10 billion worth of commercial and residential sales across all asset classes including; apartment buildings, office buildings, industrial buildings, shopping centers, development land, condominium developments, luxury homes and other special purpose properties. www.madisonhawk.com