Real Estate

Plainfield YMCA Building to be Sold at Public Auction on August 1

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Credits: AuctionAdvisors
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Union County, NJ . - AuctionAdvisors announced that it has been engaged by the Plainfield YMCA’s Board of Directors to commence an accelerated marketing campaign, which will culminate in the public auction sale of the YMCA’s building located at 518 Watchung Avenue, in downtown Plainfield, New Jersey.

Since 1923 the Plainfield YMCA has called this building home, but like so many other YMCA’s and YWCA’s located in downtown locations throughout the country, the Plainfield YMCA recently announced it was reorganizing its operations and moving its operations to a new site. AuctionAvisors’ mandate is to conduct an auction on August 1,2018.

The 54,000 SF building contains all the trimmings that your typical YMCA would have including a pool, steambath, gym, indoor running track, locker rooms, offices and much more. In addition, the Plainfield YMCA, provided housing to the community with 52 single occupancy rooms as well as an additional 50 bed dormitory. “A building like this on a 1.12 acre site is ripe for some sort of re-development, but the breathe is huge” said Mr. Joshua Olshin, a Managing Partner at AuctionAdvisors. The building is located directly across the street from City Hall, and just a short 5-minute walk to the Plainfield Train Station – which was designated by the DOT as a “Transit Village”. Currently 1,500 riders board the 50 trains that stop locally each weekday. Many new developments have recently broken ground in town including the Quinn, a 212-unit luxury residential building, The Station at Grant Avenue, with 90 residential units, and the former Muhlenberg Hospital site that will contain a 186,000 square foot medical arts complex and 120 luxury residential apartments. Mr Olshin adds “as with other auctions we have conducted with similar properties in similar urban settings throughout New Jersey, we might see bidders ranging from residential developers to governmental agencies interested in this property. “It is hard to determine the highest and best use” said Mr. Oren Klein, a Managing Partner at AuctionAdvisors. He emphasizes that “as the Plainfield Y is committed to selling this building in the announced time-frame, it will most likely come down to which interest group is able to line their ducks up properly, figuring out what they are willing to pay for this property and actually preparing themselves to bid and be ready to close.”

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“Whether this building ends up being converted into some sort of residential development, mixed use with offices, or the single occupancy and dormitory portions of the building are resurrected (which earned the YMCA close to $800k a year in revenue alone in previous years), this will be an interesting project for an opportunistic investor with a vision” noted Oren Klein, from AuctionAdvisors.

“It is important to note that the YMCA has chosen the auction method to sell the building in order to maximize value achieved by the sale, ensure the building is sold in a timely manner, as well as to make absolutely sure that an open and transparent sales process is adhered to” explains Mr. Olshin. He adds that “AuctionAdvisors was selected not only based on our ability to achieve superior auction results, but based on our experience in handling sales for non-profit entities and dealing with the unique set of issues non-profits may present.

AuctionAdvisors handled the sale of primary buildings for the following groups: the YWCA in Trenton, the New Jersey Blood Bank, Spring Valley Reform Temple and others.

The auction will be held on Wednesday, August 1st at the property. Inspections are being scheduled in the weeks leading up to that date. Potential buyers shall have full access, together with any advisors or consultants for the purposes conducting such inspections. Buyers shall be able to obtain marketable and insurable title, free and clear of any financial liens and related encumbrances. A $100,000 deposit will be required to participate. A 6% Buyer’s Premium will be charged. A full due diligence package, terms & conditions, contract and more will be posted on the AuctionAdvisors website – www.AuctionAdvisors.com.

For further information or to reserve a place at one of our inspections, please contact Sahar Berlin, via email at sberlin@auctionadvisors.com

 

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