N.J. dad wins Times Square condo at auction

Bankruptcy auction of Times Square condo attracts a crowd.

At the Hotel Roosevelt on Friday, a financial planner from New Jersey was the winning bidder for a 668-sf, one-bedroom, one-bath condo on the 10th floor of a new development overlooking Times Square.

“I probably paid a little under the market,” said an affable Peter DeRosa after signing the contract for $700,000 plus a whopping $70,000 buyer’s premium.

DeRosa, who works in Green Brook, acknowledged that he went into the auction hoping to go no higher than $650,000.  As the spirited bidding continued, however, the first-time participant decided that his top ought to be $700,000.  If someone had bid $705,000, DeRosa confided, he would have dropped out.  He maintained that he was never carried away by auction fever, and he didn’t give the appearance of someone would be.

The financial planner said he either would let his grown son use the apartment, Unit 10E at 1600 Broadway, or rent it out, though he wasn’t sure what the rent might be.

The auctioned unit brings Times Square right into living room and bedroom.

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, 11E, one floor higher.  (The asking price for that sponsor apartment since it went on the market in January has been $875,000.)

There now are 22 other apartments ranging in asking price from $698,000 to $2.999 million, many of them sponsor owned, available in the 25-story building.  The high-rise has 137 condos altogether.

As for rentals, Unit 7E has an application pending.  Its asking price is $3,950 monthly, so that’s good news for DeRosa.  Only nine other apartments are listed for rent from 7E’s low price to a high of $10,000 for a penthouse that the developer still owns.

As I wrote in my earlier post on the auction, conducted by Sheldon Good & Co., the unfortunately bankrupt owner bought the apartment in March of 2007, when it was listed for $895,000.  (Curbed.com quotes a press release announcing the auction as saying the place last sold for $690,000.)

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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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