Tribeca loft goes for $3.15 million in city auction

The Ice House, 27 N. Moore St. in Tribeca.

With only a single competitor, a Long Island man won a two-bedroom, two-bath condo at 27 N. Moore St. for the favorable price of $3.15 million at the city’s auction of nine apartments in Manhattan today.

Public Administrator Ethel J. Griffin had set the minimum price at $3 million for the more than 2,000-sf loft, which had been owned by one Veronica Lee in a building called the Ice House.  According to Curbed.com, Lee paid $774,000 for the unit in 1999 and died owing JP Morgan Chase $1.9 million left on her mortgage.

“I feel good,” successful bidder Mario Montoya told me after the auction, adding that he had been prepared to offer “a little more.” Continue reading

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Weekly Roundup: Rent control, record low, rates, renovations, rosier forecasts. . . much more!

Three-year extension of rent control becomes law

Area single-family homes experience 2.9 percent drop over 12 months

South Bronx burns no more

Trulia says it’s cheaper to rent than buy in Queens

Selling condos to moms and dads often comes down to child’s play

Harlem’s renaissance enjoys revival

Following reports of rent scams by Queens man, attorney general issues Craigslist alert

NYU’s Furman Center documents plunge in Continue reading

Queens administrator auction reaps $4.9 million

Note: I’ll be taking a little time off, so there will be fewer posts next week.

The city’s estate auction of 15 Queens properties by owners who died without leaving a will garnered $4.854 million in winning bids for an even dozen apartments and single-family homes on Wednesday.

Three of the properties were withdrawn before the sale, and none of the remaining ones failed to find a buyer.

So. Ozone Park house sold for way more than the minimum.

According to results from Queens Public Administrator Lois Rosenblatt, the highest amount went for a Bayside house with a minimum bid of $536,000; the winning number was $735,000.  The lowest was for a Corona apartment that sold for the minimum of $79,000.

A house, on 135th Pl. in So. Ozone Park, fetched $485,000, an impressive 73 percent more than the upset price of $281,000.

Withdrawn from the auction were Continue reading

15 Queens properties head to city auction

Single-family home in Middle Village with minimum bid of $412,000

Three co-ops and 12 single family homes are to be offered at an estate auction conducted on March 14 by Queens Public Administrator Lois Rosenblatt.

Minimum (upset) prices, which are set by Rosenblatt at 25 percent below the appraised value, range from $79,000 for an apartment in Corona to $675,000 for a house in Long Island City.

The house was one of two properties withdrawn prior to the city’s previous auction, in December.  Also returning to the auction block is a house on 63rd Avenue in Middle Village.

Below are the properties to be offered next month: Continue reading

CEO reveals secrets of auctions’ pace and prices

John J. Cuticelli Jr.

If you have ever attended an auction, you know that the event takes on a rhythm of its own.

The question uppermost in every bidder’s mind is when to raise a paddle and how high an offer should go.  Is early in the event better than later?  Is waiting until just before the hammer strikes a good strategy?  Who is bluffing and who is serious?

John J. Cuticelli Jr., who purchased the Sheldon Good auction firm in a bankruptcy sale last year, spent some time on the telephone with me explaining his business model and letting me know a bit about sale strategy during an event such as the disposal his company orchestrated of numerous units in Astoria’s East River Tower last month.

“Every auction has a downward slope,” Cuticelli observed.  “The question is, Continue reading

The High Road: What’s up with Sheldon Good in its upcoming auction of condos in Manhattan and Queens?

I’m old-fashioned in at least one respect.  I get the New York Times delivered to my door, and that’s how I normally learn about real estate auctions.

Whether by the public administrators of Queens, Manhattan and Brooklyn or by companies that specialize in such auctions, advertisements in print are the norm.

Not so, it seems, with Sheldon Good & Co., Continue reading

City nets $3.377 million in Queens property auction

31-68 38th Street, Astoria

Although five properties found no bidders, the office of Queens Public Administrator Lois M. Rosenblatt, collected $3.777 million at its auction Tuesday of eight apartments and seven houses “inherited” by the city.

The former Astoria home of the late Eva Zacharaczuk topped the bids by far, going down for $1.41 million.

Following are the results, Continue reading