Final Auction of 60 Parkway Drive Condominium Includes 1st Opportunities to Purchase Penthouses

Nov. 29, 2010 - PRLog -- EAST ORANGE, N.J. — The magnificent Penthouse residences at 60 Parkway Drive will be offered to the public for the first time on Sunday, December 5th during a one-day real estate auction event conducted by Sheldon Good & Company, A Racebrook Portfolio Company.

Located on the top two floors of the luxury 15-story building, the Penthouses — which are completed and ready for immediate occupancy — will highlight the developer close-out auction of the final residences at the upscale condominium building in East Orange, N.J.

Stylish one-bedroom Penthouses will be offered at suggested opening bids as low as $75,000; expansive two-bedroom Penthouses will be offered at suggested opening bids from $100,000.

The limited collection of Penthouses were designed with a number of upgraded features and finishes not found in the other homes, including key fob elevator access to floors 14 and 15 which is not available to other homeowners, upgraded common hallways with marble floor inlays, custom molding around residence entry doors and premium lighting; hardwood floors throughout the entire home, upgraded stainless steel appliances and glass tile kitchen back splashes, and upgraded bathrooms with Kohler fixtures. The residences also feature private balconies to enhance panoramic views, including the ever-changing New York City skyline.

Building amenities include an elegant and modern welcoming lobby, state-of-the-art fitness center, media room, lounge, Concierge and secure parking.

“The affordability and value offered at 60 Parkway Drive resulted in tremendous sales success from the day we opened our doors,” says Pinny Loketch, a principal of The GLC Group, LLC, developer of 60 Parkway. “Homebuyers quickly responded to this once-in-a-lifetime opportunity to purchase a condominium lined with the latest designer finishes and appointments and located in a building with amenities and services modeled after New York’s City’s most fashionable residential addresses, all for a price that is far below current market averages.

“We’re now at a point where the building is 85% sold out, and we decided that rather than continue with a conventional and expensive marketing and sales program, we would utilize the auction process to sell out the property in one day and move on to our next project. By doing so, we’ll be able to pass those savings on to lucky bidders who will receive a level of value that may never again be presented.”

In addition to the Penthouses, a collection of studio, one- and two-bedroom homes will also be offered at the December 5th auction at suggested opening bids as low as $35,000. These condominium homes boast hard wood flooring, kitchens with wood cabinets, granite countertops and stainless steel appliances; and sumptuous master baths with wood vanities, cultured marble vanity tops and ceramic tiles.

Fifteen of the residences included in the auction will be sold “Absolute,” regardless of price. The affordability of all of the homes is further enhanced by the building’s Federal Housing Administration (FHA) approval which allows downpayments of as little as 3.5% for qualified buyers.

The one-day auction event will be held at the the Short Hills Hilton, 41 John F. Kennedy Parkway, Short Hills, NJ. Registration begins at Noon, with the auction commencing at 1:00 p.m.

The residences may be viewed on Saturdays and Sundays, from 12:00 p.m. to 3:00 p.m. on December 4.

“The developer is highly motivated to sell out the building in one day which will create an extraordinary opportunity for buyers,” notes Jeffrey Hubbard, Executive Managing Director for Sheldon Good & Company.

“Their decision to utilize the auction process provides further evidence that in today’s climate, more and more developers, lenders and other property stakeholders are turning to well-conceived and executed real estate auctions as an effective tool during various stages of a program, from grand opening a building to accelerating an existing campaign to a closing out a property.”

Situated close to Manhattan, 60 Parkway Drive East is ideal for commuters with express bus service right outside the building and shuttle service to and from the East Orange Train Station with service to New York City Penn Station. The Garden State Parkway and Route 280 provide convenient access to business centers in Manhattan and northern and central New Jersey. Newark Liberty International Airport is also minutes away.

Located in Essex County, N.J., East Orange is minutes from the cultural and entertainment offerings in Newark, including the New Jersey Center of Performing Arts, the Newark Museum, Prudential Center, Newark Bear Stadium and fine dining in the Ironbound District.

For more information, call Sheldon Good’s auction line at 800-516-0014, FAX the company (212 213-9802) or visit the 60 Parkway auction website at www.60parkwaydrive.com.

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