The Courtland Arms Condominium was a 34-unit building, consisting of all two-bedroom units, located in East Rutherford, New Jersey. The property was located near the Meadowlands convention center and just minutes from Manhattan. Since the building’s completion, and approximately two years prior to our auction retention, the Seller (a local developer) had sold only three units within that time frame. Five of the property’s units were reserved for affordable housing.
The Seller’s goal was to sell out the building in order to be relieved of his carrying costs and pay back his lenders.
We offered for sale the remaining 26 units in the project, with eight to be sold Absolute regardless of price.
The six-week auction program produced the following results:
- 1000+ Inquiries
- 900+ Open House Attendees (Parties)
- 270+ Due Diligence Packets Sold
- 175 Bidding Parties
- 26 Units Sold
26 Units Sold in One Day
The Seller was very pleased with the result, as our process produced a market closeout result for his project that had stagnating sales over the prior two-year period.