City to auction off four co-ops and a condo

392 Central Park West is one of several buildings in Park West Village on the Upper West Side.

On March 11, as mentioned in my previous post immediately below, the Office of the Manhattan Public Administrator will dispose at an auction of co-ops and condos situated between Washington Heights and Chinatown.

The apartments are:

• 116 Pinehurst Ave., #F53, 1,094 square feet, two bedrooms, a co-op with maintenance of $1,138.36 and assessment of $142.74 monthly.  Minimum bid: $680,000;
• 392 Central Park West, #12D, 1,078 square feet, two bedrooms, two baths, a condo with common charge of $850 monthly and annual real estate tax of $9,500.  Minimum bid: $760,000;
• 201 W. 70th St., #38A, 606 square feet, a three-room co-op with maintenance of $1,003.  Minimum bid: $560,000.
• 470 Convent Ave., #52, 1,125 square feet, an HFDC (for limited income residents) co-op with three bedrooms and maintenance of $1,003.  Minimum bid: $270,000.
• 570 Grand St., #H1305, 1,350 square feet, three bedrooms, one and a half baths with maintenance of $1,009.  Minimum bid: $580,000.
  

Floorplan of the A line at 201 W. 70th St.

Photo of Sherman Square Co-operative, 201 W. 70th St.

You can inspect the properties between 10 a.m. and 2 p.m. on Feb. 23 and 25 and March 2, 5 and 9.

The auction will take place at 11:30 a.m. on the 11th, and only those hopefuls who have a certified or official bank check payable to “Public Administrator of New York County” will be permitted to bid. The check must at least equal 10 percent of the minimum bid.

Unlike the auctions of 54 units in Riverdale’s Solaria development or almost anything offered by Bid on the City, this one is absolute–no reserve and no question that the winning bid actually wins the property.

Bear in mind that the terms of the sale are all cash. Also note that the properties are sold as is. And know that the public administrator can withdraw any of the properties any time and reject all bids without notice.

Finally, and more important than anything in the foregoing, don’t for a minute think that winning bidders of the co-ops do not need approval of the board of directors to become owners themselves. In other words, it’s a craps shoot.

If you’re not yet discouraged, head on March 11 with proper ID to 31 Chambers St. (across from the Municipal Building), Room 503, a gloriously ornate chamber, at 11:30 a.m..

Having attended one of these auctions previously (and, I hope, this one as well), I can report that you should be prepared to stand in a line like schoolchildren facing city officials in front of a long wooden table  during the bidding, which can seem and actually be interminable.  You’ll have a possibly disconcerting view of all the other bidders with expressions reminiscent of championship poker.

Questions?  You might be able to get more information by calling the public administrator’s office at 212-788-8455.

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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
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