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A 1BR UES co-op goes on the block July 26

240 E. 76th St. in Manhattan

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.

The "one-bedroom" unit is to be auctioned subject to owner's approval.

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.

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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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