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NEW YORK CITY-Locally based Racebrook Marketing Concepts is acquiring the assets of auction firm Sheldon Good & Co., which filed for bankruptcy in April. The company’s headquarters will be relocated from Chicago to New York City, where it has had offices since 1989.

The man who established that New York office, John J. Cuticelli, Jr., will become Sheldon Good’s CEO. Oversight of the company’s operations will be assumed by the Racebrook management team.

A former Sheldon Good executive, Cuticelli provided debtor-in-possession financing through his company Cuticelli Capital and was the stalking horse bidder after Sheldon Good & Co. filed for Chapter 11. According to a source familiar with the transaction, the acquisition price for Sheldon Good’s assets is equal to the DIP financing, around $2 million.

“Sheldon Good & Co. is a real estate industry pioneer and has a great brand name,” says Cuticelli in a release. “I am looking forward to working with the staff of Sheldon Good & Co. to build on past successes and create a bright future by introducing the institutional quality management practices the company deserves.”

Cuticelli founded Racebrook Capital, of which Racebrook Marketing Concepts is a portfolio company, in 2004 to capitalize on increasing prospects of disintermediation in distressed debt and real estate capital markets. Racebrook and Sheldon Good will share offices in New York, Chicago and San Francisco.

Earlier this month, Sheldon F. Good, Sheldon Good’s founder and CEO, announced he was severing ties and was considering starting his own firm.

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