Connolly properties slated for one-day auction

Connolly has been painted out of picture at the Ritz, 7th & Central.

The Plainfield real estate empire of David Connolly seems to be shrinking in the sunlight much like the Wicked Witch of the West in The Wizard of Oz.

New York City-based Sheldon Good auctioneers will sell six of the Plainfield properties at absolute auction on June 24 at the Hanover Marriott in Whippany.

Suggested opening bids range from $350,000 to $2.5 million. Sales are subject to approval by the US Bankruptcy Court.

Slated for the June 24 auction are --

PROPERTY	# UNITS	ADDRESS
Watchung Gardens	102	802-37 East Front
Netherwood Village	107	825-55 East Front
Green Brook Village	58	733-47 East Front
Liberty Arms	84	501-15 West 7th
Central Avenue Aptmts	20	831 Central Avenue
Madison Avenue Aptmts	39	609 Madison Avenue

Several other properties have disappeared from the Connolly Properties website (see here), presumably as a result of reverting to the mortgage holder after Connolly's Chapter 11 bankruptcy petition was dismissed.

Those no longer shown on the website are --

• Hickory Arms
• The Ritz
• Town & Country
• The Williamsburg

Though still shown on the website as of today, the following properties' Chapter 11 filing was dismissed on May 27; they can be expected to disappear from the roster shortly --

• Beacon Village
• Tudor Arms

Though previously reported that the lender would put rent receivers in place once they had control of the properties, tenants are still uncertain of their fates and whether and when the many issues with their buildings will be addressed.

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• CityBiz: "Sheldon Good to auction six multi-family buildings in Plainfield, NJ"
  
• Website: "Connolly Properties, Inc."

-- Dan Damon [follow]

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