Mark your calendar for 1056 Fifth Avenue auction

Unless the estate auction of Apartment 11E at 1056 Fifth Avenue is withdrawn at the last minute, as it was last month, you’ll have the opportunity to bid on the unit Thursday.

But don’t expect a bargain.  If visits to this blog are any indication, there will be a throng of hopefuls.  And the reserve price has been raised from $710,000 to $900,000.

Worse, the board of that building is notoriously difficult, and the purchase will require its approval.

To bid you’ll need a certified check of $90,000 and your purchase must not be subject to financing.

Still interested?  Go ye, then, to 31 Chambers Street, Room 503, at 11:30 on Nov. 19.

Good luck, you’ll need much more than that to win. Since a bargain is far from likely, I believe you’d be wiser to opt for a conventional purchase before those bidding wars that the Times chronicled yesterday escalate both in number and price.  See why in my previous post.

Meantime, Caveat emptor!

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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
Web site

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