Co-ops ranging from Sutton Place South to Washington Heights are scheduled for another of the city’s estate auctions on Aug. 26.
Among the units to be sold is an 825-sf apartment at 60 Sutton Place South, a 1953 building in which 11 of 357 co-ops are on the market with asking prices from $605,000 for a 750-sf residence to $2.495 million for one of 2,410 square feet.
Manhattan Public Administrator Ethel J. Griffin will seek to dispose of the properties, which can be inspected Aug. 12, 17, 19 and 24 from 10 a.m. to 2 p.m. each day. The following co-ops go on the block starting at 11:30 a.m. (usually later, however), and I expect to be there:
- 60 Sutton Place South, #3G North, co-op, 825 square feet, three and a half rooms, monthly maintenance of $1,360 (estate of Mary Serra). Minimum bid: $580,000;
- 100-106 W. 141st St., #44, co-op, 1,08 square feet, two bedrooms, two baths, income restricted, maintenance of $630 (estate of Dorothy Batiste). Minimum bid: $65,000;
- 310 Riverside Drive, #810, co-op, 396 square feet, $386 maintenance per month (estate of Cyril Adrien). Minimum: $235,000;
- 134 W. 71st St. #1, co-op, 286 square feet, monthly maintenance $400 (estate of Josephine Aiello). Minimum: $210,000;
- 134 W. 71st St., #2, co-op, 542 square feet, three rooms, maintenance $843 monthly (estate of Josephine Aiello). Minimum: 550,000;
- 29-33 Convent Ave., Apt. 18, co-op, 480 square feet, three rooms, income restricted, $359 monthly maintenance (estate of Bernice Byrd). Minimum: $40,000;
- 860 W. 181st St., #41B, co-op, 485 square feet, studio with eat-in-kitchen, $360 maintenance (estate of Robin Chlemar). Minimum: $125,000.
The auction is to take place in the elaborately designed Surrogate Courthouse, 31 Chambers St., Room 503, across from the Municipal Building. You may need identification to be permitted to enter the building.
The properties are sold as is, so inspecting the properties with care is essential. And know that the public administrator can withdraw any of the properties any time and reject all bids without notice.
You’ll be required to present a certified check that is payable to the Public Administrator of New York County equal to 10 percent of the minimum bid, and you should be prepared to pay cash (which, of course, means that financing in hand is acceptable) at closing. Deposits will not be refunded if you fail to comply with terms of the contract.
One bit of good news is that sales of the co-ops are subject to approval by their boards of directors. If they reject you as purchaser, that stipulations means your deposit will be returned.
Any property that fails to attract a winning bidder is set for sale a second time. Finding no successful bidder then, it is turned over to a real-estate broker.
Licensed Associate Real Estate Broker
Senior Vice President
Charles Rutenberg Realty
127 E. 56th Street
New York, NY 10022
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No bargains here! The New York City Public Administrator is greedy with their high prices on apartments they got for free. You’d do better buying a foreclousure or Bank owned property.