25 condos in Long Island City tower set for auction

Unit in East River Tower (via Sheldon Good & Co.)

An auction (with undisclosed) reserve prices of 25 units in Long Island City’s poorly situated East River Tower is scheduled to take place in Manhattan on Feb. 13.

Originally priced from $385,000 to $870,000, the one- and two-bedroom condos have balconies, washer/dryers, high ceiling, oak floors, granite countertops in the kitchen with glass-tile backsplashes and, of course, stainless-steel appliances, and marble-tiled baths with whirlpool tubs.

At 11-24 31st Ave., the doorman building itself offers a fitness room, parking garage and 15-year tax abatement.

Minimum bids of 60-67 percent less than the original prices of 15 of the units range from$195,000 to $315,000.  Bidding for the least expensive apartment (a 711-sf one-bedroom that has a $445 common charge) starts at $195,000 and it’s $280,000 for a costlier one (a 1,268-sf two-bedroom with $795 monthly).

There is a 6 percent buyer’s premium, and a certified check of 10 percent of the minimum bid is required of the winning purchaser before the auction starts.

Inspections are scheduled starting Sunday and continuing on Saturdays and Sundays through Feb. 6 from 11 a.m. to 2 p.m.  Other days are Tuesdays, Jan 25 and Feb. 8 from 6 p.m. to 8 p.m. and Thursday’s Jan. 20 and Feb. 3 also 6-8 p.m.

The auction is to begin at 2 p.m. at the Roosevelt Hotel, and a bidder’s information packet is available for $20 during inspections and at auctioneer Sheldon Good & Co.’s office, 488 Madison Ave.  Purchase must be completed at least three business days before the auction, which I expect to cover.

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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

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