Condos go for 31 percent off original prices at auction

Developer Jose Espanal says he is happy with results.

NOTE: I have updated this post to correct some totals and percentages.

Two auctions were held in succession of condos in two new developments at the Hotel Roosevelt today.

The Sheldon Good auction firm and the developers were bordering on euphoric with the results of the bidding for 26 units in the New Amsterdam Condominiums in Manhattan’s Washington Heights.

I didn’t speak with the developer of the 19 apartments in East River Tower that found buyers, marketed as situated in Long Island City, Queens, but he had ample reason to be pleased as well.

By my quick calculations, Jose Espanel, developer of the New Amsterdam building, had winning bids totaling Continue reading

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