Bankruptcy forces auction of Times Square condo

The apartment is on the 10th floor of this 2006 building.

A Chapter 7 bankruptcy auction will be held March 19 for a 668-sf one-bedroom condo in this building in the heart of Times Square.

In addition, there will be an auction of lesser properties at the end of the month and, in March as well, of five properties that are scattered between Chinatown and Washington Heights; the five apartments belong to the city as the result of owners who died without wills.

Although I wouldn’t want to live in such an overrun area with a limited amount of amenities that are found in typical residential areas, you may find the Times Square pad appealing.  But bear in mind that the winning bid probably will be above 75 percent of its current value.

The unfortunate owner bought the place in March of 2007, when it was listed for $895,000.  The combined monthly common charge and real estate tax today is approximately $1,250–the amount is not provided–and my estimate is based on the carrying costs for the identical unit one floor higher.  (The asking price for that apartment in its three weeks on the market has been $875,000.)

Ah, the roar of the crowd from the living room and bedroom.

Of the 137 apartments in the 25-story new development, which is at W. 48th Street and Broadway, 24 are available for sale; many are still for sale.  The auction of Unit 10E is the third in the building, according to Curbed.com.

There's nothing like always knowing the time from your bed.

Among the condo’s features are floor-to-ceiling windows, hardwood floors, stainless-steel cabinets and appliances, granite countertops, and a washer/dryer.

On the entire fourth floor of the doorman building,  Club on the Square comprises a “fully ” (as opposed to “partially,” thank goodness) equipped conference center, entertainment lounge with billiards, bar, putting green, virtual golf, and fitness center.

Inspection is 2-5 p.m. today and Feb. 20, 23, 27 and March 2, 6, 9, 13, 17.

Unlike the auctions of 54 units in Riverdale’s Solaria and the few properties that Bid on the City have tried sell, this auction is absolute.  The apartment will be sold regardless of the price, and you will be competing with professionals (who tend to drop out when the discount is less than 25 percent.)

The “suggested” opening bid is $150,000 and the buyer will need in hand a cashier’s or certified check for $17,500.  The event takes place in Denver, but you can bid on the Internet.  For more information, please visit the auctioneer’s Web site.

If you suffer from auction fever, you also can bid by Feb. 27 on a number of distressed properties in New York City and surrounding suburbs at an auction by Hudson & Marshall.

And on March 11, the Manhattan public administrator will auction off those four co-ops and a condo mentioned toward the top with minimum bids ranging from $270,000 (for an income limited buyer) to $760,000.  More on them in the new item posted later today.

Whatever you do, though, please be sure to have thoroughly inspected any property you could win. Winning would be the good news, and you can well imagine what the bad news might be.

If he who hesitates is lost, then he who hesitates to evaluate a bargain scrupulously is bound to be a loser. That rubric about something being too good to be true almost invariably applies when it comes to snagging a bargain at auction.

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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
Web site

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