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, Continue reading

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

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 Continue reading