Thank you for sharing!

Your article was successfully shared with the contacts you provided.

NEW YORK CITY-What do an Oakdale, NY site approved for assisted living facility, a 15-unit Manhattan apartment building, a vacant commercial building on East 8th Street and commercial landsites in New Jersey have in common? All of them will be offered up for auction next week.

“People who have come into contact with the auction marketing method tend to find it extremely effective, with its compressed marketing period and relative time-certain date of sale,” a spokesperson for Sheldon Good & Co, who is auctioning the properties,. tells GlobeSt.com. “In other words, ‘try it, you’ll like it.’ Those who have gone the auction route find it extremely effective as an alternate marketing strategy, if not the primary marketing strategy.”

For example, the owner of the 3.9-acre land parcel in Oakdale retained Sheldon Good in late 2001 to sell a 47,000-sf vacant nursing home, called the Chandler Care Center, in Ossining, NY. The site already has approvals to build a 57,000-sf, 66-unit/132-resident assisted- living facility. Immediately adjacent to the property is a 280-bed skilled nursing home. Other potential uses include a 55+ residential development. The property is being offered without reserve, subject to a minimum bid of $2.2 million. A cashier’s or certified check in the amount of $215,000 is required to bid.

New York City-area properties include a 15-unit brick apartment building with vacant commercial/retail store at 515 W. 47th St. between 10th and 11th avenues. Rents for the apartment’s one to three bedrooms range from $1,300 to $2,550 with an annual rent roll of $326,400 in total gross income. Located in Clinton/Hell’s Kitchen, the opening bid for this property is $2 million. A certified or cashier’s check in the amount of $200,000 is required to bid.

A development site at 331 E. 8th St., which is between Avenues B and C in Alphabet City, has the same owner as the W. 47th St. The owner is offering a vacant 3,600-sf, one-story plus mezzanine with office space, commercial building. An additional 8,100 sf of residential can be built above the existing structure–15,275 sf for a community facility. Bidding starts at $750,000 with a certified or cashier’s check in the amount of $75,000 required to bid.

The owners hired Sheldon Good because hey have a larger development site in Manhattan and they are selling these properties to focus on the larger one, a spokesperson adds.

In New Jersey, there is a Fairfield six-acre development site on Route 46 with various commercial development possibilities. The property is being sold subject to a minimum bid of $450,000 with a cashier’s or certified check in the amount of $45,000 required to bid. And in Wayne an 18-acre site on Route 23 is being sold subject to a minimum bid of $750,000. A certified or cashier’s check in the amount of $75,000 is required to bid.

The properties will be auctioned at 7 p.m., Tuesday, Dec. 16 at the Grand Hyatt Hotel.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.