Upper East Side townhouse to be auctioned by Sheldon Good.

A magnificent, Upper East Side, turn-of-the-century brick townhouse will be sold at an open outcry auction on Tuesday, May 20th by Sheldon Good and Company Auctions Northeast. Bidding starts at 7:30 p.m. at the Hotel Inter-Continental, 111 East 48th Street. Registration begins at 6 p.m.

Suggested opening bid for the townhouse at 111-113 East 65th Street is $1.2 million. A certified or cashier's check in the amount of $120,000 is required at registration. The townhouse, immediately proximate to the Palestinian Mission to the United Nations, has a 24-hour guard posted immediately outside.

Steven Good, president of Sheldon Good & Company, said this sale represents a rapidly growing trend of townhouse auctions in New York City. Sheldon Good & Company has auctioned three townhouses like this one in the past year. "Buyers have a dilemma when purchasing real estate through conventional means," Good said. "With a majority of townhouses always on the market, and very few actual sales, coupled with the unique nature of each townhouse, it is difficult for a buyer to determine the value of a particular property. Therefore, it is hard to know what to offer conventionally. The auction allows each buyer to see the actual market for the given property, and to know exactly what the others are willing to pay - therefore creating a real comfort level for buyers when placing their bid."

The current owner since 1984, Norman Gardner, is a successful New York artist, writer and engineer, who recently exhibited his work at the Marbella Gallery on Madison Avenue.

Andrew Ocrant, managing director of Sheldon Good & Company's New York office, said Gardner felt "being next door to an embassy is like having your own 24-hour NYC Policeman on your doorstep. The buyer of this property will have one of the safest townhouses in New York. The owner has never dealt with graffiti, break-ins or other concerns that non-doorman buildings sometimes have to cope with."

"This property offers another unique opportunity, since all of the tenants have short-term cancellation clauses in their lease, and none of the tenants are covered by rent control or rent stabilization. This offers the buyer absolute flexibility in using the building immediately, without being encumbered by the rights of any of the tenants," Ocrant said.

The townhouse building, located between Lexington and Park Avenues on 65th Street, has landmark status. Construction on this five-story landmark was completed in 1900. In 1945 it was divided into 10 separate units on the five floors with a basement (lower level).

The first-floor entrance has double doors that lead to the white marble floored lobby with elevators and stairs. On the first floor there are two leased spaces; a small office in the front has a marble fireplace and a half bath. The rear space is designed as a ophthalmologist's office with a fireplace, reception area, two patient rooms and a full bath. There is a garden with an Ailanthus tree which is accessible from the rear space.

The second floor, formerly the Parlor Floor, has mahogany doors and grand ceiling heights. The front space consists of a main room with fireplace, a small anteroom and full bath. The rear space features a marble fireplace and full bath. On the second floor the elevator stops in the rear unit rather than in the common hall.

The third floor's front space is one room with a fireplace and full bath. The rear space is a single room with fireplace and full bath. This floor has an area designed as a building or owner's storage room.

The front space on the fourth floor is configured with two rooms, a full bath and fireplace. The rear space is currently vacant, with a full bath and mirrored fireplace.

On the fifth floor, the front space is a single room with an alcove and separate kitchen area which is currently an office. The rear space has a sundeck with cedar floors. The full kitchen is new with European style cabinets, a General Electric dishwasher, gas stove, refrigerator and Quasar microwave. The full bath has a skylight. There are hardwood floors on this floor.

"The seller has decided that the most cost-effective method of selling this building, without interfering with the tenant's day-to-day business, is to offer it for sale at auction," Ocrant said.

To schedule an appointment to see the Upper East Side mansion, contact Sheldon Good and Company at [phone]. Open houses are scheduled for between 6 p.m. and 8 p.m. on Thursday, May 15th; or between 1 p.m. and 3 p.m. on Sunday, May 18th.