Monday, April 5, 2010

Pottstown apartment buildings on auction block

"Four apartment buildings in Pottstown, all of which are in a financially distressed state, are headed for the auction block beginning today. All the buildings have low occupancy.

The properties are:

• 1 W. 4th St., a three-story building totaling 2,018 square feet that has four units. It is 40 occupied and the starting bid has been set at $70,000.

• 25 Chestnut St., a three-story building totaling 4,704 square feet. It also has four units and is 60 percent occupied. Bids start at $75,000.

• 356 Chestnut St., a three-story building totaling 4,608 square feet with five apartments. The building is 67 percent occupied and bids start at $75,000.

• 67 N. Franklin St., a four-unit apartment building totaling 5,535 square feet. The 3-story structure is 38 percent occupied and a starting bid of $75,000.

The apartment buildings will be auctioned online by Real Estate Disposition, an Irvine, Calif., company. Bidding ends Wednesday.

Though not in foreclosure, 36 condos at the Phoenix, a building at 1600-18 Arch St. in Center City, are scheduled to go up for auction April 29. Last year, owners of the Murano in Center City also sold condos at auction to move the units."

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