BERKSHIRE EAGLE - Otis Reservoir Property set to be Sold at Auction
property set to be sold at auction
By Tony Dobrowolski
Posted:Sun Jun 12
10:03:04 MDT 2016
OTIS - Almost
a year after a luxury
Berkshire property was
sold at auction, a second county site is being marketed in the same manner.
A 35-plus acre
property on Otis Reservoir that once housed a marina, and has received approval
for a 53-unit residential development, will be sold at auction on June 24 at
the Red Lion Inn in Stockbridge. The auction starts at noon.
"We wanted to
be somewhere that would be desirable in the Berkshires," said Justin
Manning, of J.J. Manning Auctioneers of
referring to the auction site.
J.J. Manning is
handling the sale with Max Spann Real Estate and Auction Company of
New Jersey. The two
firms are acting as "regional partners," Manning said.
Previews of the
property, located at
Road and Route 23, are scheduled to take place
from 11 a.m. to 1 p.m. Wednesday, 6/15.
The parcel has been
owned since 2007 by Otis Lake Partners, LLC of Great Barrington, which is
associated with Becker Brothers, a New York City-based real estate firm that
owns properties in several states.
required to place $100,000 in certified funds with the auctioneers to
participate, Manning SAID.
The high bidder
will be required to increase that original investment by 10 percent within
three days after the auction takes place. The sale is required to close within
In August 2015,
Southmayd Farm in Stockbridge, a Gilded Age mansion considered to be one of the
Berkshire's most exclusive residential
properties, also was sold at auction by a New York City-based luxury real
estate auction firm. The results of that auction have never been made public.
business is a niche business," Manning said. "Most people's
perception is that an auction infers a property is in distress. The majority of
the time it's true.
"But our niche
in the auction industry is selling property for individuals or groups who
choose to sell at auction rather than be forced to sell at auction," he
These kinds of
auctions have, "an overwhelming amount of advertising, and define terms
and timelines," he added.
Farm, the Otis Reservoir property is being marketed regionally and nationally
with notices in the Wall Street Journal, The New York Times and The Boston
Globe. The notice in the Wall Street Journal was published on Wednesday.
already come from potential buyers who reside in "six or seven
states," Manning said.
The parcel is being
sold in its entirety, meaning the sale includes the real estate, and waterways
license plus any available permissions, approvals, variances, permits,
certificates, orders of conditions, plans, drawings or estimates that come with
it, according to the auction notice.
But Manning said
the buyer is not required to develop the land.
several properties like this in other places in
Cape to conservation groups,"
it under the current conditions, which means it's being conveyed with
everything and anything concerned with it, so if somebody wants to develop it
they can move through the process," Manning added.
The site, which
housed a marina for 36 years, has a
Massachusettswaterways license that is good for 99 years and allows for a more than 60-foot
waterfront redevelopment area with up to 30 docks over 20-feet and a public
dock. Fifteen new docks and 12 moorings are currently in place.
Otis Lake Partners
decided to sell the property at auction because they have been occupied with developments
in several other areas and haven't had time to devote to the site.
acquired this property, they've had a tremendous amount of development in
Brooklyn (N.Y.) and
and all of their resources are focused in those areas," Manning said.
"At the time they picked it up they weren't as busy in those areas.
"It ends up
being something that they're carrying," Manning said, referring to the
Otis Reservoir site.
Otis Lake Partners
purchased most of the site nine years ago for $4 million from James, Richard
and Rosemary Fink, according to documents filed at the Southern Berkshire
Registry of Deeds in Great Barrington. They also bought a smaller adjacent
parcel from another owner that provides more frontage along Route 23.
James and Richard
Fink, who are brothers, owned J&D Marina, a 56-slip marina and boat launch,
on the site for 36 years before they sold the property.
They also operated
a restaurant at the marina that was known as "The Gathering Place."
Although they never
built on the parcel, Otis Lake Partners originally spent thousands of dollars
in site planning, engineering, architectural plans and legal fees on the site,
and spent months negotiating with the Otis Conservation Commission, the state
Department of Environmental Protection and the state Division of Fisheries and
Otis Reservoir is a
1,065 acre waterway that is located in parts of three towns - Otis, Tolland and
Blandford. It is one of the largest recreational waterways in
Massachusetts, and is annually stocked with trout
by the state. Part of the reservoir borders on