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 $7.9 million (including 10 percent buyer’s premium) for 25 units listed for $11,487 million; the discount was 31 percent.
“We’re paying off the bank,” Espanal said when the auction ended, grinning widely.
Several properties were withdrawn during the event because of strong interest in those that had sold. Still, the second auction garnered $7,955 million (including 6 percent buyer’s premium); on average, the discount amounted to 31 percent.
I’ll have more details and official figures tomorrow.
Licensed Associate Real Estate Broker
Senior Vice President
Charles Rutenberg Realty
127 E. 56th Street
New York, NY 10022