Sponsor-Owned Homes Represent a Premium Investment Opportunity of the Final Unsold Condominiums at 60 Parkway Drive East
EAST ORANGE, N.J. – A portfolio of 18 condominium residences at 60 Parkway Drive East, a 15-story high-rise building in East Orange, N.J., will be offered via Auction on Wednesday, March 26th, 2014 by Madison Hawk Partners, LLC, a national real estate firm and industry leader specializing in Structured Accelerated Sales.
The sponsor-owned residences represent the final unsold condominiums in the 183-unit building and will be sold in bulk at the close-out sale, with a suggested opening bid of only $750,000.
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With the balance of the homes in the building having sold at asking prices ranging from $129,000 to $250,000, the studio, one- and two-bedroom residences in the portfolio sale will be offered at a significant discount and have a projected Net Operating Income of $137,000 annually. A number of premium homes are included in the portfolio, including nine penthouse residences located on the building’s top two floors.
The one-day only auction will be held at the Hilton Newark Airport, located at 1170 Spring Street, Elizabeth, New Jersey. Registration begins at 11:00 a.m., with the auction commencing at 12:00 p.m. The residences may be viewed for inspection on February 25, March 4, 11, 18 and 25, by appointment at 10:00 am.
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“With more than 90% of the building’s residences sold, the sponsor approached us to come up with a sales and marketing solution to close out the building in an accelerated fashion,” said Jeff Hubbard, President of Madison Hawk. “We’re confident a one-day, bulk auction sale will accomplish that goal by appealing to an investor looking for income-producing rental units in an established building, or the opportunity to resell the units individually at a later date.”
The portfolio consists of one studio, 12 one-bedroom homes and five two-bedroom residences ranging from 428 to 1,310 square feet of living space. The homes feature designer finishes and appointments, including 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 times. Homes have private balconies and some feature panoramic views of the New York City skyline.
The residences also include Unitone Video Intercom and Security System which provides automatic on-screen viewing, automatic Concierge call back, message notification and direct taxi requests. Building amenities include an elegant and modern lobby, state-of-the-art fitness center, media room, lounge, Concierge and secure parking.
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, while Newark Liberty International Airport is just minutes away. The building’s East Orange location is also convenient to the business, cultural and entertainment offerings in Newark, including the New Jersey Center of Performing Arts, the Newark Museum, Prudential Center, Newark Bear Stadium and renowned dining options in the Ironbound District.
For more information, please call 212-971-9720 or visit www.MadisonHawk.com/Auctions/60Parkway.
About Madison Hawk
Madison Hawk is a national real estate firm and industry leader specializing in Structured Accelerated Sales and Capital Market Solutions to complex real estate situations across all asset classes. The Madison Hawk team is among the most experienced in the industry, having designed and executed over $10 billion worth of commercial and residential sales across all asset classes including; apartment buildings, office buildings, industrial buildings, shopping centers, development land, condominium developments, luxury homes and other special purpose properties. www.madisonhawk.com
