Advertised as a one-bedroom, one-bath 500-sf co-op, apartment No. 5A at 240 E. 76th St. is headed for a foreclosure auction on Monday, July 26 with a $50,000 minimum bid.
But photographs of the unit on the Williams & Williams auction site suggest that it’s really a studio, at least in Manhattan nomenclature, with monthly maintenance of $725.
This is not an absolute auction, so the winning bid is subject to the owner’s approval. That would be the lender. Other requirements:
- Board approval is required;
- Fee of $225 must accompany the board application;
- An “auction services fee” of $3,000 or a buyer’s premium of 5% ($2,500 minimum) will be added to the high bid and included in the total purchase price;
- Each high bidder must make a 5% non-refundable deposit per property or $2,500, whichever is greater, immediately following auction.
- Cash, cashier’s checks and personal checks (electronically processed) are acceptable;
- The purchase is effectively all-cash.
In addition, scanning the contract, I could find no language suggesting that the transaction would be voided and deposit returned in the event of a board rejection. Perhaps the auctioneer, at 800-801-8003, can clarify the issue.
The property, in a 16-story building with few amenities, will be open for inspection 1-4 p.m. this Sunday as well as July 25, plus two hours before the sale. The sale is scheduled for 10:30 a.m. on Monday, July 26.
On a short vacation at an undisclosed location, I will be unable (well, unwilling) to post the auction results, which must be approved by a court in addition to the lender.
Licensed Associate Real Estate Broker
Senior Vice President
Charles Rutenberg Realty
127 E. 56th Street
New York, NY 10022