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$200M sealed bid sale features McNamara parcels.

Dominic DiNapoli, a special trustee appointed by the U.S. District Court in Brooklyn, has tapped the firms of LaSalle Partners and National Real Estate Clearinghouse, Inc. to assist him in conducting a sealed bid sale of the $200 million real estate portfolio formerly owned by Long Island car dealer John McNamara.

The 62 parcels will be sold individually in the sale with bids due in July. The properties are located in Florida, Maryland and Long Island, New York.

The New York portfolio includes 50 commercial, residential, and land assets. These include the Southern Meadows Apartments, a 452-unit complex in Bayport; Manor Run, a 233-acre townhome development in Manorville; and The Highlands, a 27-acre condominium and townhome development in Port Jefferson.

A highlight in Florida is the Harbor Hills Golf and Country Club, a 788-unit, master-planned golf community in the Orlando area. The 12 Florida properties also include land parcels as large as 2,000 acres in the Orlando area and commercial and office buildings.

In Maryland, there is a 498-acre land parcel on the Patuxent River in St. Mary's County zoned for a residential community with marina.

McNamara was charged with obtaining hundreds of millions of dollars in loans from General Motors Acceptance Corporation for non-existent van conversions. Federal authorities took over his assets under civil forfeiture laws. Dominic DiNapoli, a partner in the Price Waterhouse accounting firm, is responsible for managing and ultimately disposing of the assets forfeited by McNamara.

The real estate sale is a joint effort of DiNapoli as special trustee; LaSalle Partners, one of the nation's pre-eminent real estate services and investment firms; and National Real Estate Clearinghouse, an accelerated marketing firm active in selling portfolios.

A sales catalogue is available for prospective bidders. Bid conferences will be scheduled so potential buyers can ask questions about the sealed bid process and property specific issues. For information, call 1-800-444-1462.
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Title Annotation:$200 million real estate portfolio formerly owned by car dealer John McNamara
Publication:Real Estate Weekly
Date:Jun 2, 1993
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