Sheldon Good & Company to auction off properties Nov. 19

Real Estate Weekly, Nov 6, 2002

Sheldon Good & Company Auctions, in a showcase of the versatility of the auction marketing method in finding the market for diverse and unique properties, is offering Chateau a la Pointe, a 1.4 acre, seven bedroom estate and mansion, a fusion of the Romantic and Revival architectural stylings. The estate is in the Wilson Point area near Long Island Sound in Fairfield County. Also offered at auction will be The Oasis, the long-storied Hartford, CT diner. The auction will be held on Nov. 19 at 7 p.m. at the Grand Hyatt Hotel in New York City at E. 42nd Street and Lexington Avenue.

Also offered tin the multi-property auction will be a four-unit apartment building in Jersey City; and a development parcel in Harlem.

Suggested opening bid for the Wilson Point estate is $3 million, with a $300,000 cashier's or certified check required to bid. The Oasis diner is subject to a suggested opening bid of $100,000 with a certified or cashier's check required in the amount of $20,000 required to bid.

Alan R. Kravets, president of Sheldon Good & Company Auctions, LLC, said: "This auction venue is the perfect showcase for Sheldon Good's expertise in marketing unique properties on a timely basis.

With an eclectic mix of both Victorian influences and nautical thematics, the Wilson Point mansion is a truly unique offering for those select individuals seeking a finely crafted and stylish weekend or permanent residence in a prime location. The Oasis diner is a vanishing part of the American character, which may be continued under new ownership. We are appreciative of the confidence placed in us by the owners of both properties and look forward to a successful evening."

Jeffrey L. Hubbard, executive managing director of Sheldon Good & Company Auctions Northeast, said: "Chateau a la Pointe is arguably one of the most uniquely designed 'trophy homes' we've seen in quite awhile, an edifice in which both the architect and decorator were given almost carte blanche to create a one of a kind environment that is truly a statement in itself."

"The Oasis diner in Hartford is part of a lore that is uniquely American. The successful bidder for The Oasis can either resurrect the diner in its present location, or can move it elsewhere, as many of these diners have been as widely traveled themselves as the people who they have served," Hubbard concluded.

The properties are:

* Chateau a la Pointe: 21 Point Road, Wilson Point, Fairfield County, Conn. --this 1.4 acre estate rests on rolling land with extensive water views in the secluded, highly desirable Wilson Point area on Long Island Sound. The uniquely designed and executed 8,147 SF, three-story manor house offers seven bedrooms and a large pool area. The property is open for viewing between 2-4 p.m. on Nov. 10, 17 and on Nov. 13 between 6-8 p.m.

* The Oasis diner: 267 Farmington Avenue, Hartford, Conn. With its Art Deco steel streetcar motif, the Oasis pleasingly reflects the image of the "good ol' days." The restaurant and downstairs lounge/banquet area can seat approximately 230 patrons. The building is comprised of 5,366 SF evenly divided over two levels.

The main dining area contains 24 booths, counter seating for 16, ceramic tile flooring throughout and etched glass windows. The diner is being offered with a suggested opening bid of $100,000 for all the improvements on the ground.

This includes the stainless steel diner structure. The buyer will then elect to either execute a ground lease with the seller for a 30-year term and keep the diner in place. Or as an option they dismantle and move the building to a new location.

* Jersey City, NJ, 33 Orchard St.: New to the market, this four-unit, three-story apartment building investment property is configured in a full floor owner's apartment with four bedrooms, new kitchen and bath; one three-bedroom and two, two-bedroom units. The building, which hosts a spacious backyard and full basement, is within walking distance of the nearby PATH Journal Square station. The largest units ( 3- and 4-bedroom units) have been gut renovated. Projected gross rent for the building is $50,400. Suggested opening bid for the property is $150,000.

A certified or cashier's check in the amount of $15,000. is required to bid. Viewing dates are Sundays between 12 p.m. and 2 p.m. Nov. 10 and Nov. 17 and Wednesdays between 6 to 8 p.m. Nov. 13.

* Harlem residential development site: 153 East 121st St. (between Lexington and Third Avenues). The lot size is 1,458 SF. The property will be offered absolute, regardless of price. A cashier's or certified check in the amount of $13,000. is required to bid. Inspection dates are from 10-11 a.m. on Nov. 12.