RTC auction features land, properties in NJ - Resolution Trust Corp. to sell real estate holdings in New Jersey, New York area

Real Estate Weekly, June 24, 1992

New Jersey land and commercial property will be sold by The Resolution Trust Corporation (RTC) during a twin-auction event which will dispose of a total more than $15 million worth of residential and commercial properties in New York and New Jersey.

According to Mark Glannon, auction coordinator at the RTC's Metropolitan New York/New Jersey Sales Center (METCO) in Somerset, New Jersey, two separate auction events were deemed necessary because of the overwhelming response the RTC received to its previous auctions.

The New Jersey auction will be held on Friday, July 17, at The Woodbridge Sheraton Hotel, 515 Route 1 South, Woodbridge, New Jersey. The Commercial/Land Auction will begin at 3 p.m.; registration will start at 1:30 p.m. The Residential Auction will start at 7 p.m.; registration is at 5:30 p.m.

According to Glannon the New Jersey Commercial/Land auction includes six land parcels and 12 commercial properties, with a total appraisal price of more than $6 million. All but three of the properties (Edison, Mountainside and Plainfield) will be sold absolute.

Land parcels include: * Mercer County - a 6.75-acre home site on State Extension in Hamilton Township. * Monmouth County - 16.097 acres zoned for residential sub-division on Route 5397 in Upper Freehold (New Egypt) * Ocean County - a 31,500-square-foot vacant lot on Van Zile in Bricktown, Ocean County; and a 20,000-square-foot residential lot at Madison and Parkview in Manchester. Passaic County - a 6,300-square-foot parcel zoned for two-story, commercial use in Pompton Lakes. * Union County -five residential lots on a total of 4.1 acres at 1551 DeerPath in Mountainside.

Commercial properties include: * Atlantic County - a two and one-half-story residential building with a one-story barn on 3.05 acres at 185 New York Avenue in Galloway Township * Essex County - a two-story commercial building at 221 Washington Street in Newark. * Mercer County - a one-story former bank building at 70 Montgomery in Trenton * Middlesex County - a two-story commercial and office building at 1876 Lincoln Highway in Edison * Monmouth County - two-office condo units, formerly a bank, branch, at 80 Scenic in Howell * Morris County - a two-story former bank building at 2214 Route 37 East, Dover Township

* Ocean County - a one-story former bank building at 504 Route 9, Lanoka Harbor; and a strip shopping center at 2206 Route 37, Toms River; * Passaic County - a two-story former bank building with a second-floor apartment and two-car garage at 587 Ringwood Avenue, Wanaque; and a medical-arts condominium unit at 1031 McBride, West Paterson. * Union County - a one-story former bank building at 71 Roosevelt Avenue in Carteret; and a three-story former bank building at 107-17 Park Avenue, Plainfield.

Open houses for the commercial auction will be held at the sites on June 25 and 26 and July 9 and 10 from noon to 4 p.m. The RTC will conduct an informational seminar on Wednesday, July 1, at the Woodbridge Sheraton to assist those interested in the auction.

Larry Latham Auctioneers, Inc. of Scottsdale, Arizona, one of the nation's leading auction firms, has been contracted by the RTC to handle the auction in association with The D'Loren Organization of Freeport, New York.

Further information and a complete list of available houses and commercial properties may be obtained by calling 1-800-756-8883, or by visiting the New Jersey auction sales office at 1030 Stelton Road in Piscataway, just off Route I-287; or the New York auction sales office at 1983 Marcus Avenue, Suite 120, Lake Success, New York.