The needler in the haystack.

Friday, June 11, 2010

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.


-- Dan Damon [follow]

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