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
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
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Three of the properties were withdrawn before the sale, and none of the remaining ones failed to find a buyer.
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Withdrawn from the auction were Continue reading
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The house was one of two properties withdrawn prior to the city’s previous auction, in December.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
That Harlem church in a brownstone building on Lenox Avenue has found a buyer prior to its scheduled auction.
Vice President Richard Maltz of the David R. Maltz & Co. auction firm told me in a telephone interview that a purchaser offered $1.166 million, including a 6 percent buyer’s premium, on Jan. 18, the first day that the property was available for inspection. He declined to identify the buyer in what he described as company policy. Continue reading