Only four of 10 properties offered at auction by Public Administrator Ethel J. Griffin in Manhattan found buyers today.
Worse, the city collected just 26 percent of the minimum for all the properties. The minimums totaled $2.921 million, but the amount sold reached only $746,000.
In the Surrogate’s Courthouse oppostie the Municipal Building in lower Manhattan, the event attracted an unusually large crowd of some 60 individuals, some of them merely accompanying the bidders.
The first property offered, a 304-sf co-op in poor condition at 204 E. 7th St., had 15-20 bidders jammed in front of a long conference table at which city officials and lawyers were seated as the sale of Unit 12 began.
Bids for the apartment rose in uncharacteristically high increments, skyrocketing to $194,000 versus the $43,000 minimum. The winning amount was an unlikely 451 percent of the upset price.
Among the properties that went unsold were co-ops as diverse as one in Castle Village on Cabrini Blvd. in Hudson (or Washington) Heights, another co-op far east on Grand Street and a single-family house in East Hampton.
Following are the complete results:
- 435 Convent Ave., #63, estate of Ruth Pugh, 1,366 square feet, two bedrooms, $1,084 monthly maintenance plus $90 assessment, minimum bid $325,000 from $350,000 previously/sold for $331,000;
- 570 Grand Street, #H1004, estate of Ethel Mack, 714 square feet, one bedroom, $850 maintenance, $35 fuel charge, $400,000 minimum from $450,000 previously/unsold;
- 204 E. 7th St., #12, estate of Gary Walden, 304 square feet, one bedroom, $375 maintenance, $43,000 minimum/$194,000;
- 128-130 W. 138th St., #3D, estate of Eloise Christian, 572 square feet, three rooms, $385 maintenance, income limited, $48,000 minimum/$69,000;
- 512 E. 11th St., #2D, estate of Carl Grimmett, 295 square feet, studio, $300 maintenance, income limited, $110,000 minimum/$152,000;
- 1400 Fifth Ave., #2M, estate of Cynthia Kirkpatrick,952 square feet, two bedrooms, $594 common charges, $198 assessment, $6,582 annual tax, $460,000 minimum/unsold;
- 210 E. Broadway, #H604, estate of Beatrice Linton, 592 square feet, three rooms, $476 maintenance, $29 assessment, $370,000 minimum/unsold;
- 258 W. 117th St., #32E, estate of Ralph Williams, 500 square feet, $425 maintenance, income limited, $80,000 minimum/unsold;
- 180 Cabrini Blvd., #83, estate of Winfred Klaney, 800 square feet, three rooms, $1,026 maintenance, $172 assessment, $360,000 minimum/unsold;
- 25 Rolling Woods Court, estate of Kenneth Clark, single-family house, East Hampton area, $725,000 minimum/unsold.
Properties for which there are no bidders once are put on the block a second time and then go to a real estate broker in the event there again is no successful bidder.
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Licensed Associate Real Estate Broker
Senior Vice President
Charles Rutenberg Realty
127 E. 56th Street
New York, NY 10022