Prime NY bldgs to be auctioned.Two significant New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. office buildings will be sold to the highest bidder HIGHEST BIDDER, contracts. He who, at an auction, offers the greatest price for the property sold. 2. The highest bidder is entitled to have the article sold at his bid, provided there has been no unfairness on his part. at a nationwide 50-property auction on July 8. While a number of major properties have been sold in court-supervised foreclosure auctions, this is the first time large Manhattan office buildings have been sold in a commercial auction. The auction will be conducted by Grubb & Ellis/Rose Dove Auction Partnership. The properties are all being sold by the lending institutions that took over the properties from borrowers. Located in downtown Manhattan's financial district, 5 Hanover Square is a 24-story, square-foot property built in 1962. It is 60 percent leased to, among other tenants, Reliance Insurance Co., Vista Concepts, Inc.(NYNEX NYNEX New York-New England & X for the Unknown (Telephone Company) NYNEX New York Network Exchange subsidiary), AFCO AFCO Automatic Fuel Cutoff AFCO Armed Forces Career Office AFCO Air Force Cryptologic Office AFCO Australian Federation of Consumers Organisations AFCO Air Fuel Cutoff AFCO Automotive Fluid Connectors Operations AFCO Aggies for Christ in the Orient Credit Corp. (division of Continental Insurance Corp.). The price for the property is in the $9 million to $12 million range and 65 to 75 percent seller financing Seller financing Funding a purchase by a seller's loan to the buyer, the buyer takes full title to the property when the loan is fully repaid. is available, according to Jonathan Miller, executive vice president, and Miriam Halpert, a senior vice president, James Felt/Grubb & Ellis, agents for the property. According to transfer records, the building, previously owned by the Kaufmans, is controlled by Riverbank America based in New Rochelle, New York New Rochelle (French: Nouvelle-Rochelle) is a city in the southeast portion of the U.S. state of New York in Westchester County, 16 miles (26 km) from Grand Central Terminal in New York City and 2 miles north of the border with The Bronx. . An $8.5 million mortgage includes the other properties in an assemblage: 66-74 Beaver Street and 113-121 Pearl Street. The auction will also feature the New York City Fire Department The New York City Fire Department or the Fire Department of New York (FDNY) has the responsibility for protecting the citizens and property of New York City's five boroughs from fires and fire hazards, providing emergency medical services, technical rescue as well as headquarters at 240 Livingston Street in downtown Brooklyn. Built some 70 years ago, the 12- and eight-story brick and masonry building underwent an extensive renovation in 1982. The agents for the Brooklyn building are Norm Livingston, senior vice president, and Vince Carrega, executive vice president, James Felt/Grubb & Ellis, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of . Located on top of a subway station, the building, according to Livingston, has been 100 percent occupied for several years. The main tenant is the Fire Department, occupying floors 4 through 8. Other tenants include the Human Resources Administration, The Police Department and the District Attorney's office. Basement space and a 129-car parking lot are also used by the Fire Department. The tenants, he said, pay roughly $15 a foot and the other buildings that could accommodate them in downtown Brooklyn--MetroTech, Pierpont Plaza, Livingston Plaza--are full. "There are very few building with floorplates of 27,000 square feet in Downtown Brooklyn that can accommodate large users," he said. "...This building has never had a problem staying leased." The property has a net operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. of $1.6 million and is expected to capture $13.5 million to $19 million at auction. Seventy-five percent seller financing will be available. According to transfer records, the building is controlled by Bank of Tokyo. The previous owner was Mark Scharfman. According to Miller, the Grubb & Ellis/Ross-Dove Real Estate Auction Partnership matches local real estate knowledge around the nation with auction expertise. |
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