Old City condo site for sale

A New York auctioneer said today it will take bids for the Old City site of a planned 33-story, 236-unit luxury condominium.

The waterfront site is at 412 N. Front St. It is already approved for a project of nearly 322,000 square feet of residential units, 4,095 square feet of retail space, and 65,049 square feet of common space.

The site is owned by 412 North Front Associates, a partnership that included developer CNO Properties of Philadelphia.

Sheldon Good & Co. Auctions Northeast L.L.C. said it will accept sealed bids for the property, at a reserve price of $13 million, on June 13.

The company said the developers had projected revenue of $164 million on the project.

"This is as about as much of a turnkey development project as we've seen," said Steven L. Good, chairman and chief executive oficer of Sheldon Good & Co.