Printer Friendly

ESG, Sheldon Good join for institutional sales.

Edward S. Gordon Co., Inc., and Chicago-based Sheldon Good & Company, a real estate auction firm, have formed a joint venture to offer, via the auction method of accelerated sales, office and industrial properties, apartment complexes, warehouse/distribution centers and lease-holds in the New York metropolitan area on behalf of institutional sellers.

Principals of both firms reported that the first sale, involving properties valued at approximately $40 million, would take place in late June on behalf of Prudential Insurance Company and other institutional-grade sellers holding portfolios of various office and investment properties in the New York region. These sellers are utilizing the auction to deliver a clear message to the market: they are serious sellers with a date certain for disposition. They are ready to conclude a transaction. The joint venture has the ability to deliver knowledgeable bidders ready to sign non-contingent contracts at the auction.

By choosing the accelerated auction method of sales, the seller can avoid the carrying costs associated with long-term asset management and maintenance, including taxes and marketing expenses. Properties can be marketed and sold within a 90-120 day period for their maximum value, through the competitive bidding process.
COPYRIGHT 1993 Hagedorn Publication
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

Article Details
Printer friendly Cite/link Email Feedback
Title Annotation:Edward S. Gordon Company Inc. and Sheldon Good and Co. form auction services company
Publication:Real Estate Weekly
Date:May 12, 1993
Previous Article:BOMA explores better energy management.
Next Article:Cantor Seinuk receives awards.

Related Articles
ESG + Mitsui try to bridge the gap.
ESG brokers 26,000 sf lease.
ESG gets exclusive in Westchester, opens branch.
Tom Bermingham joins ESG.
Prudential leases at Metro Park.
Sheldon Good & Co. auctions 248 E. 49th St. for $2.72M.
Sheldon Good & Company to conduct auction May 7.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters