Condo in luxe high-rise heads to city’s auction, other properties have much lower minimums

This condo at 401 E. 60th St. is one floor below unit to be auctioned and may be slightly smaller.

This unit at 401 E. 60th St. is a floor below one to be auctioned and may be slightly smaller.

A condo in the Lenox Hill neighborhood will be offered with a minimum bid of $1.2 million at the first city auction of Manhattan properties since June.

Public Administrator Ethel J. Griffin scheduled the sale of 13 properties from the Lower East Side to Inwood for March 21.  Minimum bids range from $45,000 for an income-limited studio in Harlem to the East Side condo’s $1.2 million.

The estate of one Ronald Cohen, the four-room unit 24C in Bridge Tower Place, a full-service 1999 building at 401 E. 60th St., is advertised as having 1,130 square feet with common charges of $1,400 monthly and annual taxes of $21,000.  Active listings in the building average $1,488 per square foot.

If it is anything like the apartment one floor below, there are stunning views through floor-to-ceiling windows.

Among amenities of the 38-story high-rise on the northeast corner of First Avenue are a fitness room, roof deck, garage, private storage, valet and garden.

Eight of the other apartments to go on the block are income limited.  They include a studio at 32-34 East 2nd St., with a minimum of $55,000; a 19th-floor studio in Lincoln Towers, $325,000 and a four-room co-op at 490-2 Amsterdam Ave., $210,000.

As for those and other income-limited units, the action during past sales suggest that they will be the object of spirited building.

Below are the properties to be offered:

  • 300 W. 66th St., #2K West, (for which the given street number undoubtedly should be replaced with “303”), estate of Ann Fibel, 721 square feet, four-room co-op, $1,028 maintenance, including utilities, $450,000 minimum;
  • 490-2 Amsterdam Ave., #38, estate of Lidia Rodriguez, 932 square feet, four-room HDFC co-op subject to maximum income limits, $276 maintenance, $210,000 minimum;
  • 352 W. 115th St., #4 East, estate of Willie Moore, 1,034 square feet, five-room HDFC co-op subject to maximum income limits, $566 maintenance, $135,000 minimum;
  • 160 Wadsworth Ave., #301, estate of Nick Assimakopoulos, 739 square feet, two-bedroom condo, $404 common charges, $3,650 annual taxes, $250,000 minimum;
  • 175 Rivington St., #2A, estate of Alfonso Gutierrez, 346 square feet, studio co-op, subject to maximum income limits, $386 maintenance, $200,000 minimum;
  • 32-34 E. 2nd St., #12, estate of Walter Mazuk, 400 square feet, three-room HDFC co-op subject to maximum income limits, maintenance $250, $55,000 minimum;
  • 725 Riverside Drive, #4G, estate of Ellen Salem, 625 square feet, three-room condo, $$280 common charges, $3,221 annual taxes, $245,000 minimum;
  • 401 E. 60th St., #24C, estate of Ronald Cohen, 1,130 square feet, junior four-room condo, $1,400 common charges, $21,000 annual taxes, $1.2 million minimum;
  • 140-42 West End Ave., #19T, estate of Jean Decock, 594 square feet, studio co-op subject to maximum income limits, $1,083 maintenance, including utilities, plus $68 assessment, $325,000 minimum;
  • 523-527 W. 143rd St., #2B, estate of Randolph Woods, 1,090 square feet, six-room HDFC co-op subject to maximum income limits, $522 maintenance, $120,000 minimum;
  • 1 W. 126th St., #1A, estate of Evelyn Beauford, 686 square feet, three-room HDFC co-op subject to maximum income limites, $438 maintenance, $120,000 minimum;
  • 135-7 115th St., #1E, estate of Aaron Dyson, 299 square feet, HDFC studio co-op subject to maximum income limits, $425 maintenance, $45,000 minimum;
  • 4-10 Bogardus Place, #4C, estate of Joyce Hopkins, 615 square feet, three-room co-op, $551 maintenance, $200,000 minimum.

At 523-527 W. 143rd St., unit 2B is returning to the auction block, though it had been hammered down for $190,000, topping the minimum bid of $150,000 last June.

There could be any number of explanations for its reappearance, including an issue with income limits, bidder’s ultimate ability to pay cash within the deadline or rejection by the co-op board.  (There’s no loss of deposit in the event that boards reject a buyer’s application.)

303 W. 66th St.

Although it was not the case that the apartment failed to attract a winning bid, those properties that go unsold are offered one more time and then go to a real estate broker in the event they fail to find a buyer.

As usual, the sale terms are all cash.

To bid, take a certified or official bank check equal to 10 percent of the minimum bid and payable to the public administrator.  The money will not be refunded to successful bidders unless, of course, a co-op board rejects the winner’s application to purchase the apartment.

The apartments may be inspected March 7, 12, 14, 19 and 20 from 11 a.m. to 2 p.m. each day.

The auction is to take place at 31 Chambers St., Room 503, just west of the Municipal Building.  The public administrator’s telephone number for further information is 212-788-8455.

If Queens properties may interest you, check out that borough’s public administrator site for details of an auction scheduled for March 13 of 14 co-ops and single-family houses.

I will be out of town for the Manhattan auction and, unfortunately, will be unable to follow my usual practice of attending the event and reporting on the results.

Tomorrow: Out and About

To take your own bite out of the Big Apple, you have the option here to search all available properties privately.

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Malcolm Carter
Licensed Associate Real Estate Broker
Senior Vice President
Charles Rutenberg Realty
127 E. 56th Street
New York, NY 10022

M: 347-886-0248
F: 347-438-3201

Malcolm@ServiceYouCanTrust.com
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