Brooklyn auction fizzles after strong start

Room 224 in Brooklyn Supreme Court, just before the sale started. The man leaning forward in the blue shirt paid $1.6 million for a house, way above his pre-set limit.

Despite several bids far in excess of minimums bids for 19 properties auctioned yesterday by the Kings County Public Administrator, the sale of properties left by intestate owners fell far short of the lowest potential total.

One reason for the disappointing sum was the absence of bidding for the highest-priced lot, a townhouse and adjoining parcel at 436-438 Albee Square, opposite the City Point development. The opening bid had to be at least $4 million, but no one stirred among the some 135 attendees at the auction, which took place in the Brooklyn Supreme Court building.

In all, the auction raised Continue reading

City to auction 21 Brooklyn properties, 1 downtown

Rendering of hotel at 231 Duffield St. (V3 Hotels)

Twenty-one single-family homes and co-ops are to be auctioned by the King’s County Public Administrator on Tuesday, Dec. 3 at 2 p.m.

The properties, which were owned by individuals who died without wills, have opening bids ranging from a low of $90,000 to as much as $4 million.

The $4 million property is in the heart of downtown Brooklyn, close to Continue reading