Real Estate

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

1d81cc5283984c8602b4_YMCA_2.jpg
Credits: AuctionAdvisors
b319678ffc28076891cc_YMCA_3.jpg
Credits: AuctionAdvisors
c0d77d022c0c19bed764_YMCA_4.jpg
Credits: AuctionAdvisors
f991255dd209c4cdb66c_YMCA_5.jpg
Credits: AuctionAdvisors
15e07aa31a8bc2d7d4e3_YMCA_6.jpg
Credits: AuctionAdvisors
9ba47a1afce4e171a67d_YMCA_7.jpg
Credits: AuctionAdvisors
4a0dd4d617268c40bdc7_YMCA_8.jpg
Credits: AuctionAdvisors
9696ffe0942c2b808899_YMCA_9.jpg
Credits: AuctionAdvisors
4cd44a22e5e34e542d38_YMCA_10.jpg
Credits: AuctionAdvisors
a2faf10a7a9446345d8e_YMCA_11.jpg
Credits: AuctionAdvisors
ddca5973e03d57e729c3_YMCA_12.jpg
Credits: AuctionAdvisors
6bdf9b724a0c2b4f9540_YMCA_13.jpg
Credits: AuctionAdvisors
db0a0e2e314b00ca7d92_YMCA_14.jpg
Credits: AuctionAdvisors
58a10f715a8338eea48a_YMCA_1.jpg
Credits: AuctionAdvisors
1d81cc5283984c8602b4_YMCA_2.jpg

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.”

Sign Up for E-News

“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

 

TAPintoPlainfield.net is Plainfield's free online daily newspaper for Plainfield, NJ news. Sign up for our daily eNews and follow us on Facebook, Twitter @PlainfieldTAP, and on Instagram @tapintoplainfield for all of your Plainfield local news.

Download the free TAPinto App for iPhone or Android.

Got a tip or an idea for a story?  Email jpopper@tapinto.net.

TAP Into Another Town's News:

You May Also Be Interested In

Sign Up for E-News

South Plainfield

Obituaries

South Plainfield – John T. Felz, Jr., 71, passed away at his home on Thursday, June 14, ...
Read more

Letters to the Editor

Letter from Scott Miller

June 18, 2018

Dear Editor,

There has been a lot of paving going around our town lately!  And I must say, it is such a fine sight to see all the Water Company work come to an end with this final phase of road resurfacing.  It should be noted that while the Water Company is in fact completing the work, a lot of thanks need to go out to Mayor Anesh, Council President Bengivenga and Councilman ...

Community Happenings

South Plainfield Jr. Baseball - Father's Day Classic

June 14, 2018

It's that time of year again for the SPJBC's 10th Annual Father's Day Classic Tournament.  Featuring a Round Robin format for 2018 that includes the following:

~Every team guaranteed at  least 4 games (weather permitting)

~Team Awards for 1st & 2nd Place Playoff Winners

~Maximum 5 Teams per age group

Saturday, Sunday & Monday June 16-18, ...

South Plainfield Elks Honor Students of the Month

June 18, 2018

SOUTH PLAINFIELD, NJ - On Tuesday, June 12, the South Plainfield Elks honored the winners of the Grant School Character Education Monthly Pillars.  The students and their families were treated to a pasta dinner cooked and served by the Elks Youth Activities Committee and the students were given Junior Citizen of the Month Certificates.

The winners were as follows: 

Caring – ...

Holy Savior Academy’s Championship Cheerleaders Seek Funds for New Equipment

June 18, 2018

SOUTH PLAINFIELD, NJ - The Holy Savior Academy Cheerleading Squad has kicked off a fundraiser to generate $5,500 for the purchase of much-needed equipment, such as new tumble mats, sound equipment, and more for the award-winning squad.

“The group of twelve girls range from 1st through 4th grades,” said parent Marybeth Parache, who is heading up efforts to raise funds.  ...

Plainfields' UNICO Participates in Student Exchange with Italian High School

June 18, 2018

Two students from the South Plainfield High School Italian Language Class were recently sponsored by Plainfield's UNICO & the Gian Maria Mazzola Foundation of Italy to attend the Liceo Betty Ambiveri (High School) in Presezzo, Italy from May 26 to June 3, 2018.  Gian Maria Mazzola was a member of a runners club from Italy who ran in several NY Marathons and his club was hosted in ...

Road Closures - June 14, 2018

Today's road closures in South Plainfield due to road resurfacing -

Old Hamilton Blvd, Church Street and South Plainfield Avenue between Front Street and Old Hamilton Blvd.

New Market between Pitt Street and Hancock Street will be down to one lane most of the day for resurfacing. Expect minor delays. (Nixle A7BQY)

Upcoming Events

Fri, June 22, 7:30 PM

Crossroads, Garwood

Benefit Concert

Giving Back

Carousel_image_9a7d6e599775b1145bde_sparc_radio_logo_final_083115

Sat, June 23, 2:00 PM

South Plainfield

SPARC Reaching Out

Carousel_image_f442011d67fefc1cb5a2_spb-4937_newsletter_june_23

Sat, June 23, 7:00 PM

TD Bank Ballpark, Bridgewater

Somerset Patriots vs. Southern Maryland Blue ...

Carousel_image_0261cd4c5700fd63e54b_spb-4937_newsletter_june_24

Sun, June 24, 1:00 PM

TD Bank Ballpark, Bridgewater

Somerset Patriots vs. Southern Maryland Blue ...

Columns

Weinberg, Diegnan Bill to Establish University-Based Consortium on Media Innovation Advances

TRENTON –A bill sponsored by Senate Majority Leader Loretta Weinberg and Senate Transportation Committee Chairman Patrick Diegnan that would establish a state university-based consortium to advance research in the field of media and technology was passed from the Senate Higher Education Committee today.

“The state’s traditional newspaper market has been upended by changes in ...

The Woman in the Window by A.J. Finn

The Woman in the Window by A.J. Finn (William Morrow, 2018)

 

A friend, whose opinion on literature I respect greatly, reported to me recently that she had just finished reading A.J. Finn's debut novel, The Woman in the Window. Of it she said, “I wish I hadn't finished it,” which I interpreted to mean, “It was so good I'm sorry that I finished it.” ...

Bookmarks

The South Plainfield Public Library will be open this Sunday, June 24 from 1:30 PM – 5 PM.  This is the last Sunday the library will be open until September.  During July and August, the library will be closed on Sundays, but the rest of the hours during the week will remain the same.

Come join us Monday, June 25 at 6:30 PM for Monday Night Movies.  The selection this week ...

Suburban Woman’s Club Ends Its Year with a Big Banquet

Our country has a long and rich history of service clubs contributing to the growth of their communities but there have been signs in the past two decades that interest in these groups is waning.  Not so at Suburban Woman’s Club of South Plainfield.  Thanks to the efforts of Membership Chair Grace Bertucci, this past year seven new members joined this relatively small group of ...

Press Releases

Plainfields' UNICO Honors Area High School Students With Scholarships

June 16, 2018

At their annual Scholarship Awards Banquet on May 23, 2018, The Plainfields' Chapter of UNICO National honored 6 area high school seniors with scholarship grants of $1,000 each.  The high schools represented in this prestigious yearly scholarship program  South Plainfield, J.P. Stevens, Bishop Ahr, Piscataway, and  Middlesex High Schools. The recipients were the following ...