Tri-state commercial, residential properties to be auctioned

Real Estate Weekly, Oct 22, 1997

The properties include a highly desirable East Hampton, NY, residential compound; a 532-acre Hudson River Rhinebeck landsite; a mini-mall situated in the commercial center of Red Bank, NJ; and two Bridgeport, CT, office buildings.

The real estate is valued between $10-12 million and owned by private corporations and individual owners. The sale will be held on Thursday, November 6th at 7 p.m. at the Hotel Intercontinental 111 E. 48th Street in Manhattan. Registration will be held at 6 p.m.

Steven L. Good, president, Sheldon Good & Company International, said "We are most appreciative of the confidence the owners of these diverse properties have shown in us. Without question, this is yet another opportunity for buyers with the widest number of priorities to acquire value in one venue."

Sheldon Good & Company in Spring 1997 was authorized to conduct a multi-property auction of 230 assets. The November 6th sale is an extension of this auction program and includes a wide variety of properties. Highlights of the offerings are as follows:

* A secluded family compound and trophy home enclave on highly-desirable Egypt Lane in East Hampton, NY. The compound is within walking distance of the ocean and the Maidstone Club. The complex includes two charming cottages and an entertainment/pool house. The asset will be sold on the day of the auction with reserve, with a suggested opening bid of $1.6 million. A cashier's or certified check for $125,000 is required to bid on the property.

* A 532-acre Hudson River Valley landsite in Rhinebeck, NY. The former estate of Levi P. Morton, Vice President of the United States from 1889-93 and Governor of New York from 1895-97, this Dutchess County property features a 10-acre lake, roiling woodlands and fields only 200 yards from the Hudson River. Situated a half-mile from the Amtrak station and minutes away from historic Rhinebeck Village, this property may he subdivided or approved for cluster development. The parcel was previously under contract for $3.4 million; the owner will sell it on day of auction without reserve, subject to a minimum bid of $1 million. A certified or cashier's check in the amount of $100,000. is required to bid on day of auction.

* "The Mall," an enclosed bi-level Red Bank, NJ mini-mail at 80 Broad Street, is almost 100 percent leased, with 1997 projected gross income of $300,000 and a net operating income of $179,592. The property comprises 39,244 square feet and is centrally located in Red Bank, an extremely desirable suburb whose financial district is dubbed "The Little Wall Street." The property will be sold with reserve, subject to a suggested opening bid of $800,000. A certified or cashier's check in the amount of $45,000. is required to bid on day of auction.

* Two Office Buildings in Bridgeport, CT: The eight-story 62,805 square-foot facility at 144 Golden Hill Street is currently 50 percent leased. The property's projected 1997 gross income is $300,000. The property will be sold with reserve, subject to a suggested opening bid of $375,000, or approximately $6/square foot. A cashier's or certified check in the amount of $37,500 is required to bid on day of auction.

A three-story, 36,400 square-foot office building at 1021-25 Main Start currently has a McDonald's branch as the anchor tenant, with vacant space on the second and third floors. The facility is approximately two minutes from the train station. Bidding is subject to an opening bid of $300.000. A certified or cashiers check in the amount of $30,000 is required to bid on day of auction.

For additional information concerning Sheldon Good & Company's Fall '97 Tri-State Metro multi-property auction, including brochure, inspection dates and terms of sale, call 1(800) 480-0061.