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 New York, NY - An opportunity to acquire two highly-desirable residential development sites in New York’s sought-after Westchester County, the first an almost 80-acre site in Tarrytown, and the second a 1.5-acre site in Larchmont, will be brought to auction by Sheldon Good & Company Auctions Northeast LLC on Wednesday, May 20th.
The open outcry auction will be held at the Grand Hyatt Hotel, 109 East 42nd Street, at Grand Central Terminal in Manhattan. Registration begins at 2:00 pm on May 20th and the auction will begin promptly at 3:00 pm. Inspections of both sites are by appointment only on the following days: May 7th, and May 13th, at 9:30 am for Tarrytown and at 11:30 am for Larchmont.
“In spite of the general national over supply in real estate, there are clearly some pockets where development pieces are in short supply and housing needs are unmet -- Westchester County is clearly one of these pockets. There is a scarcity of residential development sites remaining in affluent Westchester County,” said Jeffrey Hubbard Executive Managing Director of Sheldon Good & Company. “Both sites are situated in prime locations, within highly rated school districts, and offer excellent commuter access via trains and highways into Manhattan.”
According to Richard Esposito, of Esposito Builders, the seller for the dual sites,” For developers wishing to secure a foothold in one of the most desirable counties in the Northeast, this is a rare opportunity to acquire one or both of the sites at a price that today’s market volatile will determine through the auction bidding process. “
Larchmont, 2101 and 2103 Palmer Avenue
Ranked by CNN/Money and Money magazine as number eleven on its Best Places to Live in the United States list, the Village of Larchmont is located within the town of Mamaroneck on the shore of Long Island Sound.
Approvals are already in place to build two three-story multifamily residential buildings on the site, to be comprised of 51 units, offering 10 one-bedrooms, 37 two-bedrooms and four two-bedrooms with den as well as on-site parking. These approvals save the potential buyer time and money, giving them the ability to move forward immediately with this opportunity. A distinct advantage to the site is the proximity to Metro North railway, which is walking distance. Highway I-95 is only a mile away; the total distance into Midtown Manhattan is only 18 miles.
“Densely populated Westchester County is occupied by families with extremely high household incomes, most in excess of $100,000,” said Michael Fine, Sheldon Good Executive Vice President and Director of Project Management. “There is only so much developable land for sale in the area, so this auction sale could enable a developer to acquire prime land at substantially discounted prices.”
Tarrytown, 618 Broadway
Offering almost 80 acres the property is comprised of two parcels on a beautiful wooded site that ranges from gentle hills to moderate sloping. The smaller is 23.15 acres within the Village of Tarrytown with frontage on Broadway and directly across from the celebrated Lyndhurst estate. The seller believes this section could offer thirteen home sites averaging 1.73 acres each.
Parcel two, the rear section, measures 56.66-acre acres, is situated adjacent to the Taxter Ridge Nature Preserve in the town of Greenburgh and is the seller’s choice for the planned location of 33 home sites, averaging 1.66 acres. The two parcels are connected by a 1,000-foot right of way and the rolling landscape ensures that many of the homes will enjoy beautiful views of the Hudson River. The development will be served by the award-winning Irvington School District.
Situated minutes from major highways including I-287, I-87, the Saw Mill River and Sprain Parkways, Metro North also offers Manhattan commuters the alternative 25-minute direct train into New York City.
Bidders Information Packet, Cashiers Check, Minimum Bids
Interested parties are obliged to purchase a Bidder’s Information Packet in order to bid at the auction. Priced at $75 for both the Larchmont and Tarrytown sites, the packets includes preliminary commitment of title, Purchase and Sale Agreement, detailed property information, site plans, zoning information, approvals, traffic report, storm water management report, Phase I Environmental Report and local market information.
Prospective bidders must also bring with them cashiers checks, in the amount of $100,000 for Tarrytown and $50,000 for Larchmont, in order to qualify as bidders in the auction. The minimum bid for Tarrytown is $7.5 million, and for Larchmont, $2.6 million.
For further information about the pending sale of the development sites, please contact Sheldon Good & Company’s auction line: 1 (800) 315-2199.
About Sheldon Good & Company
Sheldon Good & Company Auctions NorthEast, LLC (www.sheldongood.com) has been rated the premier real estate auction company by a number of prestigious financial publications. The company has aggregate sales of over $10 billion. For further information, please call Sheldon Good & Company at (800) 315-2199.
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