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Jersey City waterfront condos to be auctioned.

Forty-four luxury harborfront condominiums at Clermont Cove, the high-end residential properties at 1 Greene Street in Jersey City, NJ, hallmarked by spectacular Hudson River views of Manhattan, New York Harbor, The Statue of Liberty and Ellis Island, will be sold Saturday, October 19th by Sheldon Good & Company Auctions, Northeast.

The public auction will be conducted at 1 p.m. at the Sheraton New York Towers, 811 Seventh Avenue between W. 52nd and W. 53rd Streets.

Ten of these prime residential condominiums will be sold absolute, without reserve, on the day of auction. The homes are offered in a variety of floor plans: studio, one-bedroom, two-bedroom, two-bedroom with loft, and three-bedroom. All are "oversized," ranging up to 1,900 square feet, with patio-sized balconies and huge walk-in closets featured in many of the residences.

Strategic Resources Corporation, the Manhattan-based investment advisory firm whose special expertise is restructuring collateralized debt and identifying and re-marketing premier properties with unique marketing challenges that would have otherwise kept the properties off the market, is playing its signature "white knight" role in purchasing the remaining residences, resolving problematic issues and retaining Sheldon Good & Company for an accelerated marketing program.

Last autumn, Strategic Resources Corporation played a pivotal role with Sheldon Good & Company in turning around the apartment cooperative at one of Manhattan's most desirable addresses - 27 E. 65th Street. Strategic Resources Corporation orchestrated the complete restructuring of the cooperative's financial position and assisted in the refinancing of its underlying debt.

In the Summer of 1994, Strategic Resources came to the aid of the Seacrest Towers cooperatives in Brooklyn, modernizing and marketing more than 120 co-op apartments in a rescue that empowered the development to emerge from the brink of default to become one of the most stable properties and one of the best bargains for homebuyers in the New York metropolitan area.

Steven L. Good, president and managing director of Sheldon Good & Company International, said "Clermont Cove is a magnificent enclave and arguably is one of the most desirable residential address on the harborfront. It was created for the individual who relishes waterfront living, spectacular views and the convenience of being minutes from Wall Street, but all at an affordable price."

Andrew Ocrant, managing director of Sheldon Good & Company Auctions, Northeast, said "The residences at Clermont Cove represent luxury and convenience, with access to everything New York City has to offer: shopping, sporting events, entertainment, and the city's legions of restaurants and parks. Clermont Cove is minutes from Manhattan, within walking distance to PATH and the New York Waterways Ferry to the World Trade Center. The Clermont Cove resident may be minutes from Wall Street, but still has the best New Jersey has to offer, as well: Exchange Place, Liberty State Park, the Meadowlands for sporting events and Newark airport. In short, Clermont Cove is the best of New York City and New Jersey."

Suggested opening bids for the properties have been set from $40,000 to $125,000. Certified or cashier's checks in the amounts of $5,000 to $10,000 are required to bid at the auction venue.

The individual condominiums offer a long list of luxury features. Many have patio-sized balconies and huge walk-in closet spaces, including oak parquet floors in living areas, carpeted bedrooms, ceramic tile baths and kitchen floors, fully-applianced Euro kitchens, and individually-controlled central air conditioning and heating systems. A balconied atrium lobby is enhanced by glass elevators and flowing tiered staircases. Majestic views are also offered from the penthouse-level sky lounge. The complex has a 24-hour concierge and valet or self-parking is available to residents and their guests.

Excellent financing is available to qualified prospective owner/occupants and investors.
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Copyright 1996, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

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Publication:Real Estate Weekly
Date:Sep 25, 1996
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