Brooklyn estate auction produces mixed results

More than 200 persons crowded into a courtroom in State Supreme Court, Brooklyn, for Tuesday’s auction.

With a total of $9,304,000 in winning bids, Tuesday’s estate auction by King’s County Public Administrator Bruce L. Stein produced mixed results.

Many properties enjoyed spirited bidding, topping the minimum amounts substantially, while others went begging.

Excluding the single-family house that was withdrawn at the outset, minimum bids totaled $13,582,000. The proceeds consisted of just 69 percent of that sum.

Six of the houses and co-ops on the block received no bids (26 percent), three Continue reading

June 28 auction date set for Brooklyn properties

1618 Union St.

Twenty-two single-family homes and five co-ops are to be auctioned by the King’s County public administrator on Tuesday, June 28 at 2 p.m.

The properties, which were owned by individuals who died without wills, have minimum bids ranging from a low of $65,000 to as much as $3.6 million.

Pictured below, the $3.6 million townhouse, which is in the heart of downtown Brooklyn across from the City Point development, went on the block last December with an upset price of $4 million.  There were no bidders.

In fact, the auction was lackluster, so other unsold properties that went on the block six months ago have reappeared as well.

However, Continue reading