EAST ORANGE, NJ–A portfolio of 18 condominium units at a 15-story high-rise building here will be sold in bulk at a close-out discount auction next month.
The auction for units at 60 Parkway Drive East will be conducted by Madison Hawk Partners on March 26 at the Hilton Newark Airport in Elizabeth. The condos are the final unsold units in the 183-unit building.
The sold units – studios, one-, and two-bedrooms - had asking prices from $129,000 to $250,000. However, the suggested opening price at the close-out auction is only $750,000.
"We're confident a one-day, bulk auction sale will be appealing to an investor looking for income-producing rental units in an established building, or the opportunity to resell the units individually at a later date," says Jeff Hubbard, president of the auction company.
A number of premium homes are included in the portfolio, including nine penthouse residences on the building's top two floors, according to Hubbard. The portfolio has a projected net operating income of $137,000, the auctioneer tells GlobeSt.com.
The residences can be viewed for inspection on Tuesday (Feb. 25), March 4, 11, 18 and 25, by appointment, at 10 a.m.
The portfolio includes one studio, 12 one-bedroom and five two-bedroom units ranging in size from 428-to-1,310 square feet. The condos have wood floors, wood cabinets, granite countertops and stainless steel appliances.
Each unit has a private balcony, and some feature panoramic views of the New York City skyline.
The building has a fitness center and secured parking. Units have intercom and a security system with on-screen viewing and concierge call-back.
There is a bus station in front of the building to the local train station, which has direct service to New York City,
The March 26 auction will begin at noon, with registration at 11 a.m.
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