Going once and then going one more time

If you have your heart set on buying an apartment or single-family home in Riverdale or Queens, you may well get a great deal in two separate auctions announced over the weekend.

First, Riverdale in the Bronx.  The Solaria, a 20-story condominium on W. 237th Street, towers over the surrounding low-rise neighborhood with a glass-walled facade that echoes the sleek buildings now seen all over Manhattan, the New York Times observes.

It has a rooftop observatory with a telescope, a children’s playroom, an entertainment center and lounge, balconies, on-site parking, large layouts — in short, everything except buyers.  As of last week, only 10 buyers had actually closed on apartments, the last in September 2008.

Now the developer is offering the remaining 54 units at auction on Nov. 22 in what Jim Corum, the president of REDC, the California auction company that is handling the sale, called an “accelerated marketing plan.” He said it presumably with a straight face.

Joseph Korff, the developer, told the Times that the minimum bids would typically be about 55 percent of current asking prices, which range from $660,000 to $4.35 million.  The starting bid for the lowest-priced unit, a lower-floor one-bedroom, is $299,000.  The lowest asking price pre-auction was about $660,000.  A large upper-floor three-bedroom now has an asking price of more than $1.5 million.  Most units are 1,500-3,000 square feet.

You can inspect the apartments at 640 West 237th Street, 9 a.m. to 9 p.m. seven days a week, and I can represent buyers at the auction at no cost to them.

The auction will take place at the Sheraton New York Hotel and Towers on Seventh Avenue and 53rd Street in Manhattan on Nov. 22. Registration begins at 11:30 a.m., and the auction starts promptly at 1:00 p.m.  For additional details, registration and information about each apartment, visit the auction Web site.

The auction of estate-owned Queens properties includes 14 single-family houses with upset

Estate of Martin Cadena in Malba, Queens

Estate of Martin Cadena in Malba, Queens, $1.1 million upset price.

prices between $92,000 and $1.1 million plus co-ops being sold subject to the approval of the boards of directors.  They are situated in St. Albans, Richmond Hill, Jamaica, Malba, Laurelton, Springfield Gardens, Woodside, Mastic and Briarwood.

Also on the block are nine co-ops in Jamaica, Jackson Heights, Briarwood, Rego Park, Corona, Whitestone, Woodside, Sunnyside and Forest Hills.  Their upset prices range from $56,000 to $200,000.

Inspection will be on Nov. 7-8 from 10 a.m. to 1 p.m., with the auction at 11 a.m. on Nov. 10 at 88-11 Sutphin Blvd, Rm 62, Jamaica.

All offers to purchase must be made orally at auction and must be accompanied by a non-refundable deposit of 10% of the upset price in the form of certified or bank check made payable to yourself and endorsed by bidder as instructed at auction. (Terms of sale provide for an all cash transaction to close 30 days after contract signing.)

For more information call (718) 520-3710 or visit the Web site of the Queens public administrator.

How do I know about these things?  Well, to write my bi-weekly e-newsletter and keep my readers as up-to-date and informed as possible, I read everything.  That includes the auction sales page of the New York Times.

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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


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