U.S. Bankruptcy Court Authorizes Absolute Auction of Prime Atlantic City Ocean Front Property by Sheldon Good & Company

Outstanding Location Just Northeast of New Revel Casino Project

NEW YORK--(BUSINESS WIRE)--Sheldon Good and Company, a Racebrook Portfolio Company and America’s leading real estate auctioneer, has been retained by Chapter 11 Trustee, Karen L. Gilman, of the law firm Wolff & Samson PC, to auction 101 Boardwalk, Atlantic City, NJ. The apartment building – consisting of 359 residential units and 5 commercial units - has an approved condominium conversion plan in place. Ideally located just northeast of the new Revel Casino Project, the property fronts the famous Atlantic City boardwalk and one of the largest beaches in the area.

“The auction sale is the most efficient and cost-effective method of transferring title to new ownership, while providing a long term solution to the estate, its creditors and the tenants of 101 Boardwalk.”

The property will be sold “Absolute,” regardless of price, free and clear of liens, subject only to the approval of the United States Bankruptcy Court District of New Jersey, making the upcoming sale a truly once-in-a-lifetime opportunity for investors. The suggested opening bid is $6,000,000 and a certified check of $600,000 is required to bid at the auction.

Ms. Gilman said: “The auction sale is the most efficient and cost-effective method of transferring title to new ownership, while providing a long term solution to the estate, its creditors and the tenants of 101 Boardwalk.”

Zoned RMC4 multi-family high-rise commercial, the property allows for maximum flexibility and investment potential. Possible uses include utilizing the property as it currently exists – an income-producing multi-family rental property – or as a condominium conversion or hotel development site. Currently, 101 Boardwalk’s unit mix (which is approximately 45% occupied) consists of 164 studios, 155 1-bedroom/1-bath units, and 40 2-bedroom/2-bath units.

John Cuticelli, CEO of Sheldon Good & Company, which has successfully auctioned over 1,200 multi-family units in New Jersey during the past 12 months, added: “Because this is a Chapter 11 bankruptcy liquidation sale, this auction offers investors an incredible opportunity to name their own price and acquire a premier property that offers tremendous upside potential.”

The first on-site inspection will be on Thursday, July 7th, from 12pm-3pm for interested buyers. The auction will take place on Wednesday, August 3^rd at the Trump Taj Mahal Casino Resort. Registration starts at 1:00 pm, and the auction will start at 2:00 pm.

For more information on the auction, please contact The Atlantic City Auction project manager at 800-516-0014, or visit www.AtlanticCityAuction.com

ABOUT SHELDON GOOD & COMPANY

Sheldon Good & Company is America's Real Estate Auctioneer™. As the nation's leading provider of strategic marketing and structured accelerated sales solutions, the firm has a 45-year track record of proven results, has sold billions of dollars worth of properties in every real estate asset class, and has the highest closing ratio in the industry. Sheldon Good & Company is a Racebrook Portfolio Company, part of a family of enterprises offering a wide range of services in the special situation and opportunistic real estate sector that include: advisory and consulting services; acquisition, investment and disposition capabilities; and workout and restructuring services. The firm's headquarters are based in New York City, with primary offices in Chicago, Miami, Denver, Los Angeles, San Francisco, Puerto Rico, and other strategic locations nationwide.

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