Carlton, Eastern auction properties including the former Studio 54 site.

In what will be one of the largest non-government commercial real estate auctions ever held, Carlton Property Auctions and Eastern Consolidated Properties, Inc. will conduct The Great Commercial Property Auction in three segments: June 16th at the Green Tree Marriott in Pittsburgh, June 21st at the Waldorf Astoria in New York City, and a sealed bid auction for specific assets on June 23rd. Over 170 properties spread across 19 states with a total value in excess of $300 million will go on the block.

"This is one of the largest private auctions ever undertaken," said Steven W. Birbach, president, Carlton Property Auctions. "The opportunities for investors are outstanding, with property values ranging from $10,000 to $75 million."

Buyers can bid on an impressive offering of 50 New York City properties, including 327 Central Park West, a 16-story doorman luxury residential building; 291 Central Park West, 7-story residential building with commercial; a $75 million note secured by 1500 Broadway, and a $28 million note secured by 485 Fifth Avenue. And 254 W. 54th Street, former home of Studio 54, will also go on the block.

"The auction inventory," according to Peter Hauspurg, president of Eastern Consolidated Properties, Inc. "comes from a wide variety of lenders and a few owners who are highly motivated by the 'date-certain' aspect of the auction sale. They know that on a specific date they will be able to get the property out the door."

Buyers can also choose from 80 Sunoco and Getty gas station/-convenience stores. Qualified bidders will be able to obtain up to 80 percent financing on the gast station properties, many ow which can be leased or purchased.

Other auction properties include: the largest remining undeveloped waterfront property in New Jersey facing New York City (a 300-acre tract of land), 20 other development land parcels, 5 industrial properties, 7 mixed use buildings, 13 office buildings, 15 shopping centers, 20 multi-family projects, 15 retail/commercial properties, and 8 specialty properties, including 420-421 A tax certifies.

The Great Commercial Property Auction follows on the heels of Carlton Property Auctions' high successful Greater Northeast Commercial Real Estate Auction of November 1993 which netted over $65 million in commercial asset and note sales. Over 75 gat station/convenience store locations were sold at this auction.

Interested parties can attend The Great Commercial Property Auction Information Seminars on June 7th at 2 p.m. at the Green Tree Marriott in Pittsburgh and on June 15th at 2 p.m. at the Waldorf Astoria in New York. Questions can be addressed and due diligence packages can be obtained by calling 1-800-418-2100.