Sheldon Good & Co. auctions 248 E. 49th St. for $2.72M.They came. They saw. They bid. They closed. Sheldon Good & Company, the nation's largest real estate auction company, recently closed on the sale of a totally rebuilt 11-unit apartment building at 248 East 48th Street in the Manhattan's prestigious Turtle Bay Turtle Bay is the name of the following places:
The sale price was $2.72 million, a figure representing nine times the annual rent roll. Over 20 bidders attended the auction with certified checks A written order made by a depositor to a bank to pay a certain sum to the person designated—the payee—which is marked by the bank as "accepted" or "certified," thereby unconditionally promising that the bank will pay the order upon its in the amount of $160,000 as a pre-requisite to bid. The venue was held at the Grand Hyatt Hotel in Manhattan. Steven L. Good, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Sheldon Good & Company Auctions, said, "We are delighted the auction was a success and appreciative of the confidence the seller demonstrated in the auction marketing vehicle when the timing of the sale became critical." Said Jeff Hubbard Jeff Hubbard is the current 2006 World Tour bodyboarder champion from Kauai, Hawaii. His style is characterized by aerial tricks, and recognized by constantly pushing the boundaries of the sport. , managing director of Sheldon Good & Company Auctions Northeast, "The auction works for different people for different reasons in supporting their marketing strategies. For instance, the owner of 248 East 49th Street availed himself of the auction because he was seeking to maximize price in a strong market. Secondly, he wanted the timing of the sale to be immediate, so that he could roll the proceeds form the sale into another property he was seeking to acquire through a tax-free exchange tax-free exchange An exchange of assets between taxpayers in which any gain or loss is not recognized in the period during which the exchange takes place. Rather, taxpayers are required to adjust the basis of assets exchanged. . The auction delivered." The property at 248 East 49th Street is comprised of 11 apartments 100 percent leased at free-market rent, which means it is not subject to rent, control and rent-stabilization laws. This provided an excellent opportunity for continued operation as an apartment building without rent restrictions, or alternatively, a conversion to a cooperative, a condominium condominium In modern property law, individual ownership of one dwelling unit within a multidwelling building. Unit owners have undivided ownership interest in the land and those portions of the building shared in common. or embassy housing. The suggested opening bid at the auction was $1.6 million. A certified or cashier's check cashier's check n. a check issued by a bank on its own account for the amount paid to the bank by the purchaser with a named payee, and stating the name of the party purchasing the check (the remitter). in the amount of $160,000 was required to bid on the day of auction. The East 49th Street building is in a very prominent block between Second and Third avenues in the historic Turtle Bay District. The handsome building overlooks Turtle Bay Gardens. This six-story elevated building was completely gut-renovated in 1997. The new owner plans to continue to operate it as an apartment building. The building is currently configured in one six-room/four bedroom, three-bath duplex; one four-room/two bedroom, two bath duplex; five four-room/two bedroom units; and four three-room/two bedroom units. |
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