True bidding war erupts at auction in Brooklyn

State Supreme Court Building in Brooklyn, where auction was held.

At an estate auction in Brooklyn that raised $7.225 million for New York City, a mixed-use Bay Ridge building went 76 percent over its minimum price of $1.6 million in a heated bidding war on Tuesday.

Not only was the competition for the property marked by the drama of late entrants bidding well into the final rounds, apparent handshake deals among the hopefuls and rare bursts of applause, but the auctioneer for Kings County Public Administrator Bruce Stein mistakenly called out the wrong paddle number when declaring the building sold at $2.82 million.  He then started to re-open bidding.

“You said it was sold!” many who attended the auction shouted as the actual winner strode in consternation from where he was seated in the back row toward the front of the courtroom in State Supreme Court, Brooklyn, where the auction was held. Continue reading

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City plans to sell Brooklyn properties at auction

Brooklyhn Borough Hall

King’s County Public Administrator Bruce Stein has scheduled the auction of 16 Brooklyn properties on May 22.  It is the first such estate auction  by the city in that borough since last June.

The properties, which were owned by individuals who died without wills, have minimum bids ranging from $275,000 to $1.6 million.

The following properties are scheduled to be auctioned: Continue reading

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Excluding the single-family house that was withdrawn at the outset, minimum bids totaled $13,582,000.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