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Business Center

Jun 8, 2010 7:06 PMPublication: The East Hampton Press

Plitt Ford dealership to be auctioned off

Jun 8, 2010 7:06 PM

The former Plitt Ford Lincoln Mercury dealership on Montauk Highway in Wainscott, which closed in May 2009 when its owners retired amid the turmoil in the American automobile industry, will be on the auction block next week.

On June 22, online bidding will begin at $1.5 million on the 2-acre property, which houses a 7,500-square-foot auto dealership and repair shop.

The Irvine, California firm of Real Estate Disposition LLC and the New York firm Jones Lang Salle will conduct the auction on the site Auction.com as part of an $80 million commercial real estate and note auction. Bidding begins 1 p.m. on June 22 and closes on June 24 at 1 p.m.

“This is a great opportunity for an investor,” stated REDC CEO Jeff Frieden in a press release this week. “The property is unique in its size and frontage on Montauk Highway and the right kind of business in this prime location could be wildly successful. We anticipate significant interest in this property from regional and local investors looking to take advantage of attractive auction pricing.”

“The ability to set a pricing floor with an auction is a major turning point for commercial buildings and notes,” he added. “REDC’s Auction.com has the auction technology and buyer platform and JLL brings the commercial and note sales expertise.”


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