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. Continue reading

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m127 auction enjoys brisk bidding, modest prices

Hiding in the dark at the left is the auctioneer (thanks to my limited flash).

An estimated 250 individuals filled the room in which six new condos listed for a total of $12.25 million in a building called m127 went up for auction today.

In bidding that accelerated in mere seconds before nearly reaching the final price, the units at 127 Madison Ave. sold for $8,431,500 including a 5 percent buyer’s premium.  The total represented a discount of 31 percent.

Excluding the penthouse, the price per square foot averaged $821, which strikes me as rather low for a condo in that area, but the building’s does have its drawbacks. (Because the penthouse sale is unconfirmed, I’m pretty much leaving it out in this post.)

In fact, comparing condo sales in the building’s zip code (10016), the average for two-bedroom apartments, of which only two traded in the last month, is $1,216 per square foot, according to the Online Residential (OLR) database. But I’m not positive whether that is a contract or asking price (and there’s a big difference, as you know).

For all condos in 10016, the average per square foot is $1,116 versus two bedrooms in the whole borough: $1,223.

According to the Miller Samuel appraisal firm, the average price per square foot for all Manhattan condos was $1,154 in the first quarter.  And the median sale price of two-bedroom condos was $1.330 million.

For the five two-bedroom condos sold at the auction, the median was $1.244 million; the average was $1,276,800.

Five of the units were offered without a reserve.  They were hammered down at prices ranging in descending order of $1.417 million for the 1,554-sf two-bedroom, two-bath apartment on the eighth floor to $1.229 million for the approximately same-size unit on the second floor.  (Prices include the buyer’s premium.)

The 2,255-sf  penthouse, which has three bedrooms, two and a half baths and a 338-sf terrace, went for only $2,049,500, subject to the developer’s approval; its listed price was $3.4 million, and the discount amounts to 40 percent. Continue reading

N.J. dad wins Times Square condo at auction

Bankruptcy auction of Times Square condo attracts a crowd.

At the Hotel Roosevelt on Friday, a financial planner from New Jersey was the winning bidder for a 668-sf, one-bedroom, one-bath condo on the 10th floor of a new development overlooking Times Square. Continue reading