Sheldon Good & Co. to auction 16 condos, April 19

Sheldon Good & Co. Auctions NorthEast LLC will hold the April 19th auction of 16 "impeccably finished," brand new, one and two-bedroom condos at The Aristocrat located at 34-48th St. off Blvd. East. The condos will be sold with a five-year tax abatement, with the added bonus that no taxes will be charged the first year. Eight of the condos will be sold absolute, regardless of price. Suggested opening bids begin at $150,000. The remainder of the condos will be sold with reserve in an open outcry format. A certified or cashier's check in amounts from $15,000 is required to buy. The auction for the condos will be conducted at the Hyatt Regency Jersey City Hudson 2 Exchange Pl. Registration begins at 11 a.m. with the auction commencing at noon. Property inspections will be held from 11 a.m. - 2 p.m. on March 15, 21, 22, 28, 29, April 4, 5, 11, 18 from 11 a.m. to 2 p.m. Lawrence Samberg, managing director of Sheldon Good & Co. Auctions, Northeast, said, "These residences are absolutely stunning inside and out, with an ideal location, plenty of garage parking, and amenities throughout. The Aristocrat Condominiums, situated only one block from the ferry into Manhattan, were designed to appeal to those who want the ultimate in luxury with close proximity to the Manhattan." "I have opted to retain Sheldon Good & Co., the nation's premier auction firm, to sell the remaining inventory quickly at auction, accelerating the sales process so that I can move on to my next project," said Ernesto Garcia, the developer of the Aristocrat. Jeffrey Hubbard, executive managing director of Sheldon Good & Co. Auctions, NorthEast, LLC, said, "The development community throughout the U.S. is increasingly utilizing the real estate auction marketing program as an alternative marketing tool to accelerate the sales of finished and to-be-built residential inventory. The ownership of this condominium building is willing to pass along a portion of the savings realized by the relative time-certain date of sale to the successful bidders. This is truly a win/win scenario for seller and purchaser alike."