11-Building Portfolio Hits the Auction Block

A private real estate investor is unloading a chunk of real estate in New York City.

By Veronica Grecu, Associate Editor

A portfolio consisting of 11 properties located throughout Manhattan, Brooklyn and Queens will be sold at auction on October 14.

Sheldon Good & Co. was selected by a private real estate investor—apparently a Queens doctor who prefers to remain unnamed, according to Real Estate Weekly—to conduct the live auction which will take place at Le Parker Meridien Hotel in Manhattan. The properties include a mix of commercial and residential buildings and pieces of land which will be offered separately.

“The seller has amassed these properties over the years, a majority of which have not been traditionally marketed, allowing potential buyers a unique opportunity to purchase these assets,” said John Cuticelli, chairman of Sheldon Good & Company.

Most of the assets are located in South Richmond Hill and include several mixed-use properties along Liberty Avenue, one of the main commercial streets in Queens: 125-15,17 Liberty Ave. (which will be sold together); 125-07 Liberty Ave., 125-11 Liberty Ave., 125-13 Liberty Ave.; 128-11 Liberty Ave., and 104-15 118thSt.

156 W. 15th St. – Manhattan

In Brooklyn, the properties set for auction include 20 Prospect Place (a four-unit rental building that is currently 100 percent occupied), a two-story commercial building at 2186-2188 Pitkin Ave., and a vacant residential lot at 48 Grant Ave.

The only property in Manhattan is located at 156 W. 15th St. in Chelsea. The five-story building includes 10 rental apartments and one ground floor retail unit. The opening bid for this unit will be $9 million, according to the real estate auction firm.

Image via PropertyShark