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,

Queens, Manhattan condos are auctioned successfully

Some 350 individuals attended the second of two auctions, with approximately 220 of them having registered as bidders.

Bidding totaled nearly $15.9 million, including buyer’s premium, for 45 units sold Sunday in the successive auctions of condos that have been languishing in new developments in Manhattan’s Washington Heights and in Queens.

According to Mark Troen, chief operating officer of auctioneer Sheldon Good & Co., the average prices per square foot were approximately $300 for the 26 apartments in the New Amsterdam Condominiums in Washington Heights and $475 for the 19 in East River Tower–not bad for either immediate neighborhood.

Condos go for 31 percent off original prices at auction

Developer Jose Espanal says he is happy with results.

NOTE: I have updated this post to correct some totals and percentages.

Two auctions were held in succession of condos in two new developments at the Hotel Roosevelt today.

The Sheldon Good auction firm and the developers were bordering on euphoric with the results of the bidding for 26 units in the New Amsterdam Condominiums in Manhattan’s Washington Heights.

I didn’t speak with the developer of the 19 apartments in East River Tower that found buyers, marketed as situated in Long Island City, Queens, but he had ample reason to be pleased as well.

By my quick calculations, Jose Espanel, developer of the New Amsterdam building, had winning bids totaling

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.,

25 condos in Long Island City tower set for auction

Unit in East River Tower (via Sheldon Good & Co.)

An auction (with undisclosed) reserve prices of 25 units in Long Island City’s poorly situated East River Tower is scheduled to take place in Manhattan on Feb. 13.

Originally priced from $385,000 to $870,000, the one- and two-bedroom condos have balconies, washer/dryers, high ceiling, oak floors, granite countertops in the kitchen with glass-tile backsplashes and, of course, stainless-steel appliances, and marble-tiled baths with whirlpool tubs.

At 11-24 31st Ave., the doorman building itself offers a fitness room, parking garage and 15-year tax abatement.

Minimum bids of 60-67 percent less than the original prices of 15 of the units range from