NEW YORK, March 14, 2011 /PRNewswire/ -- New York based Tranzon Integrated Property Group ("TRANZON") has announced that it will be auctioning a 53,000 SF property in the heart of downtown New Rochelle, NY. The property which is located at 587-599 Main Street (aka 348 Huguenot Street) consists of 9 retail stores, 8 offices and a former 2,500 seat theater that was last used as a night club. The property was also approved in the past as a development for a 156 unit condo/rental building with parking deck. The auction will be conducted on site on Thursday, March 31st at 11AM.
"The opportunity to get into an income producing mixed-use property of this size with the potential for a large scale residential development in the heart of New Rochelle is tremendous," said TRANZON Auctioneer and Partner Oren Klein. He adds, "The property has almost half a block of retail frontage along Main Street and is built through the entire block on to Huguenot Street."
"Our auctions over the past 12 months have enabled Sellers to sell into a difficult market while also offering great buying opportunities for investors who have the resources to take advantage of the low reserve prices being offered," said Joshua Olshin, President of TRANZON. He notes, "This auction is an excellent opportunity for value-add investors/operators who are either interested in turning around an undermanaged asset and/or repositioning as a major development in a few years."
To access and register for the auction simply visit http://bit.ly/newroauction or contact Tranzon IPG at 212.375.1222.
Tranzon Integrated Property Group, based in the New York metropolitan area is a full- service auction and real estate disposition company and a member company of Tranzon, L.L.C. With more than 30 offices from coast to coast, Tranzon's independently owned and operated regional member companies have conducted more than 11,000 auctions in 47 States and the District of Columbia, selling more than $1.6 Billion in asset value since the Company's formation. For a complete list of auctions and sales or to learn more about Tranzon visit http://www.tranzon.com
Press Contact: Quinn Collins, +1-212.375.1222
SOURCE Tranzon Integrated Property Group