PLAINFIELD, NJ-Sheldon Good & Co. will conduct a one-day real estate auction for six Connolly Properties-owned multifamily buildings here that have been entered into Chapter 11 bankruptcy proceedings.
The buildings will be sold separately and absolute, regardless of price, subject to US Bankruptcy Court approval, says Jeffrey Hubbard, senior managing director for Sheldon Good. Suggested opening bids for the properties range from $350,000 to $2.5 million.
Three of the six properties are located adjacent to one another on East Front Street. They include: Watchung Garden Crossing, a mix of 102 garden apartments at 802-837 E. Front St.; Netherwood Village, a 107-unit garden-style apartment at 825-855 E. Front St.; and Green Brook Village, a collection of 58 garden-style rental homes in four brick residential buildings located at 733-747 E. Front St.
The remaining rental complexes include Liberty Arms, an 84-unit, four-story brick building located at 501 and 515 W. 7th St.; Central Avenue Apartments, a selection of 20 residences in a three-story building located at 831 Central Ave.; and Madison Avenue Apartments, which has 39 residences in a four-story brick building at 609 Madison Ave. “The auction is part of an agreement between the lender and borrower to expedite the sale of these well-located properties,” says Hubbard.
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