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
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
Surrogate's Courthouse in Manhattan, site of public administrator auctions.
Auction aficionados are well aware that each of the public administrators in the city’s boroughs holds auctions usually three or four times a year to unload properties of owners who died without a will.
Every time I publish a post about an upcoming auction along with the minimum bids, I can count on Internet chatter to the effect that the apartments and townhouses going on the block don’t add up to bargains. To commenters, the minimum bids invariably seem too high.
I got to wondering how the public administrators decide on the minimum. Continue reading