Condos slated for auction in Manhattan, Brooklyn

On Wednesday, a two-bedroom unit in this Canarsie condominium goes on the block. As for the Manhattan units, June 27.

A foreclosed 1,063-sf apartment that has two bedrooms and one bath in the 1989 Brook Club Condo, which has a pool, is to be auctioned on Wednesday.  At 1229 E. 80th St., unit 180 will go on the block with an opening bid of $50,000.

Monthly fees of $185 include  common area maintenance and insurance, exterior maintenance and insurance, lawn care, snow removal, trash and water.

An outfit called Williams & Williams is conducting the auction at 4:30 p.m. on May 26 at 127 Craig Ave., Freeport, which is a four-bedroom house that also will be for sale that day.  You can bid online, too.

Inspection of the Canarsie property is by appointment only.  Just call 718-998-1700 x200.

You won’t have to travel as far as Long Island to bid in person for the auction of five two-bedroom, two-bath units plus a three-bedroom penthouse that have remained unsold since 127 Madison Avenue was completed in 2007.

A unit at 127 Madison via the auction brochure.

The good news is that this is an absolute auction, meaning the highest bidder actually gets to win without the seller’s approval of even a bargain sum.

At the same time, auction fever is contagious.  It can lead a bidder into  territory that is financially dangerous.  It’s easy for a buyer to find himself or herself offering far more money than he or she planned in the overheated atmosphere that causes all reason to vanish.  They don’t call it buyer’s remorse for nothing.

Here are the properties on the block:

Unit Number Unit Type Size(SF) Previous Prices Suggested Opening Bid
2 2 bdrm/2 bath 1,550 $1,600,000 $599,000
5 2 bdrm/2 bath 1,577 $1,725,000 $599,000
6 2 bdrm/2 bath 1,577 $1,775,000 $599,000
7 2 bdrm/2 bath 1,577 $1,850,000 $599,000
8 2 bdrm/2 bath 1,554 $1,900,000 $599,000
PH-B 3 bdrm/2.5 bath 2,255 $3,400,000 $1,199,000

Of course, you’ll want to inspect the apartments, and there are numerous opportunities:

Saturday, May 29, 12-3 PM
Sunday, May 30, 12-3 PM

Saturday, June 5, 12-3 PM
Sunday, June 6, 12-3 PM

Tuesday, June 8, 5-8 PM
Saturday, June 12, 12-3 PM
Sunday, June 13, 12-3 PM

Saturday, June 19, 12-3 PM
Sunday, June 20, 12-3 PM

Tuesday, June 22, 5-8 PM
Saturday, June 26, 12-3 PM

Predictably, the units and the building–which is between 30th and 31st streets–are, according to auctioneer Paramount Realty, exceptional.  The hyperbolic marketing copy puts it this way:

Designed by acclaimed SHoP Architects, m127 is an exploration of boundaries and design, of materiality and history.  Its architecture, which reconfigures seven existing floors and adds five new ones, incorporates old-world tactility and progressive technology to create a simultaneous moment of both calm and energetic focus.  And in a city like Manhattan, these moments matter.

m127 features sleek, floor-through residences, all with private keyed-elevator entry in a coveted Madison Square North location.

The company also wants to be sure you know that the “gorgeous” penthouse features oversize custom windows that open directly off the living room to a private 338-sf ipé hardwood terrace with “spectacular” views of the Manhattan skyline and the Empire State Building.

Among the touted features of the condos and the building are these:

Floor through homes with key-access elevator to each floor; wide walnut hardwood flooring; cantilevered Bliss steel windows with insulated glass; Bosch washer and dryer; white-on-white lacquered custom kitchens by Schiffini; carrara marble counters; Sub-Zero refrigerator; Miele cooktop and oven; Bosch dishwasher; Schiffini stainless steel undermounted sink; aluminum back splash with shelving; LED under-cabinet lighting; Miele coffee system; 360º of glass mosaic tile in the baths; Duravit soaking tub and toilet; Hansgrohe fixtures; Catalano sink; Robern medicine cabinets.

The new development called 127m.

As for the lobby, there are “Gallery-like” finishes with poured epoxy floor; Seidle electronically-controlled door and elevator entry system; key card entry to both front door and elevator; and video monitor system.

I recall visiting the building years ago–I think it was that building–when it was still under construction and there was little to see in the apartments but cement, not even walls between what would become rooms.

It is hard even for a professional to visualize how units will look when finished, so take my opinion with a grain of salt.  But I remember being unimpressed, especially with views from the rear of the condos onto urban backyards best forgotten.  And whether you want to face lower Madison Avenue is another issue to consider.

Other relevant points are that the building itself lacks amenities that most New Yorkers at such price levels view as essential–e.g. doorman, concierge or both.

But, dim as my view is of auctions, I’d say the one at 127 Madison is one worth pondering–provided bidders go to see the units with a skeptical eye and go to the auction with a pre-set limit of the amount they are willing to pay.

Certainly, another key consideration is whether the neighborhood appeals to buyers.  As Paul Purcell, co-founder of my brokerage, Charles Rutenberg Realty, told clients of mine the other day in quoting another firm’s executive, “You have to like the apartment, but you have to love the neighborhood.

Good advice, no?

The auction takes place June 27 at the Roosevelt Hotel, 45 E. 45th St.  Registration begins at 11 a.m., and the auction is scheduled to start at noon, though I’ve never seen one happen on time.  I hope and expect to be there and report back to you.

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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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