Sheldon Good readies E. Coast auctions

Real Estate Weekly, Oct 30, 1991

Sheldon Good readies for E. Coast auctions

One of the most diversified real estate offerings in East Coast history will be a series of public auctions in November conducted by Sheldon Good & Company of Chicago on behalf of private sellers, it was announced.

The offering includes office buildings in New York, Georgia and Florida; landmark properties that include the site of the first commercial bank in Westchester County, New York, and a mint-condition, historic school building in that county; a 139-acre industrial plant near Baltimore; and a golf course, expandable shopping center and zoned commercial, industrial and residential development properties in Florida.

In all, the properties are worth in excess of $25 million. The properties are located in Westchester County, New York; Perryville, Maryland; Decatur (Atlanta), Georgia; and throughout east, central and west Florida. All will be offered to the general public at four separate auctions on Nov. 12, 13, 19 and 20, 1991.

Gordon Greene, president of the real estate auction division of Sheldon Good & Company, said, "These properties present an excellent opportunity for investors and entrepreneurs. They are now held by five separate sellers who have directed our firm to offer them for immediate sale."

The New York auction will take place Nov. 12. The properties include:

*37 North Division Street, Peekskill: This vintage 1833, 7,500-square-foot former branch banking facility was the first commercial bank building in Westchester County. The original scrollwork, teller windows and bank vault door are still in place. It will be sold without reserve, subject to a minimum bid of $125,000. *270 North Avenue, New Rochelle -- This modern, eight-story, 92,000-square-foot building is one of the city's most prominent office structure and is located just one block from the Metro North train station and just 30 minutes from Grand Central Terminal. It will be sold without reserve, subject to a minimum bid of $16.30 per square foot, or $1.5 million. *231 Croton Avenue, Town of Cortlandt, Peekskill. This 100,000-square-foot, expandable warehouse is only six years old and contains approximately 8,000 square-feet of office space. The property will be offered with a $600,000 per year gross lease and has excellent user potential. *The McKinley School Building, Peekskill. 30,000 square-foot, expandable, with gym/auditorium, cafeteria/kitchen, located on 4.5 acres. Its uses might include: school, office, catering hall or retreat center.

All of the New York properties will be open for inspection on Oct. 15, 23 and 31, and on Nov. 5. A cashier's check will be required to bid. For further information, contact the Sheldon Good & Company Auction Information Center at (212) 213-9770.

PHOTO : 270 North Avenue New Rochelle, New York