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Excluding the single-family house that was withdrawn at the outset, minimum bids totaled $13,582,000.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

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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

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