Only four of 10 properties offered at auction by Public Administrator Ethel J. Griffin in Manhattan found buyers today.
Worse, the city collected just 26 percent of the minimum for all the properties. The minimums totaled $2.921 million, but the amount sold reached only $746,000.
In the Surrogate’s Courthouse oppostie the Municipal Building in lower Manhattan, the event attracted an unusually large crowd of some 60 individuals, some of them merely accompanying the bidders.
The first property offered, a 304-sf co-op in poor condition at 204 E. 7th St., had 15-20 bidders jammed in front of a long conference table at which city officials and lawyers were seated as the sale of Unit 12 began. (more…)