Auction house Sheldon Good & Company is hosting a Manhattan auction for the first time in roughly two years, following turmoil at the company, including the death of its CEO.
The company, now led by John Cuticelli, is launching two auctions on Feb. 13 at the New Amsterdam condominium at 2360 Amsterdam Avenue in Washington Heights and at East River Tower in Long Island City.
The first auction, designed to be “a developer’s closeout,” according to Cuticelli, is aiming to unload the remaining 22 units at the 34-unit building.
The other, a “launch event” at the Long Island City condominium, is offering a selection of 25 of the building’s 71 units at auction.
Bids start at $125,000 for units in the Washington Heights building and $195,000 for the Long Island City development.
Cuticelli said that the company’s hiatus from the New York City area was due in large part to a drop in demand. Of course, the company’s woes over the past few years, including its April 2009 bankruptcy filing, also took its toll.
Cuticelli said that he had to completely restructure Sheldon Good after purchasing the company in July 2009.
“It had its troubles in 2008… so [when] I came in and purchased the company, I replaced the entire executive management team. I totally redefined the tech of the company,” he said.