Sheldon Good to Auction Six M-F Buildings in Plainfield, NJ
Posted June 10, 2010
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The New York office of Sheldon Good & Company will conduct a one-day real estate auction for six multi-family buildings located in Plainfield, N.J. The 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.
For more information visit www.sheldongood.com/apartments.php.
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