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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