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When the auction ended at 5 p.m. on Sunday at the Sheraton New York Hotel, the remaining hopeful bidders for one of 54 Solaria condos on the block seemed variously dispirited or stubborn despite discounts that averaged 45 percent off the listing prices.
But their mood hardly could have matched that of the condominium’s developer, Joseph Korff of ARC Development, or of the auctioneers, Real Estate Disposition (REDC). By the anticlimactic close after nearly three and three-quarter hours, even the typically frantic hand gestures and shouts of the auctioneer’s floor personnel had waned to wan facial expressions.
Although people connected with REDC put a happy face on the results, noting how rare it was for a building to sell as many as 54 condos in a matter of hours, rather than years, “at prices within 5-10 percent of retail,” everyone on the sell side had to be disappointed. Here’s why: Continue reading