Queens properties fetch $3 million in city auction

29-25 Ericcson St., East Elmhurst, went for $510,000 on Wednesday.

At Wednesday’s auction by Queens Public Adminstrator Linda M. Rosenblatt, successful bids on 10 properties totaled $2.957 million.  Three other properties were withdrawn prior to the estate sale.

Here are the results:

Appraiser values below-grade space as amenity

Apartment at grade on Upper West Side is typical of units in other buildings.

One of the hardest components when trying to price an apartment going on the market is space at ground level or below it.

Jonathan Miller, the inimitable CEO of the Miller Samuel appraisal firm, has published a blog post that makes the challenging task understandable.

Inside view of the same co-op at front of the building in photo at left.

He writes convincingly about the definition of spaces ranging from “at grade” (ground level) to “sub-cellar” (below the cellar, which itself is below the basement) and approaches for considering square footage as well as value.