City set to auction off six Manhattan apartments

thanks malcolm. you're on top of this stuff.

What's the point of an auction when none of the properties seem to be a good value at their starting bid?

I don't understand the pricing difference between the two Grand Street properties.

thx malcolm for posting--pls continue

i also question whether there is any great value in these cases--psf's at starting bids seem to be on the high side, certainly for a reserve

alanhart: I have been to 550 Grand and the apartments vary greatly in quality. I visited one unit that was a complete "fixer-upper", rotted parquet floors, grimy walls, small windows, poor light, bad smell, needed a complete gut and sanitation. None of the apartments in the auction are reasonable considering the restrictions and being sold "as is".

It's so hard to know value without actually seeing the units--a host of variables, as I'm sure each of you knows, e.g. floor level, views, condition. I know that I wouldn't price a property without seeing it and then adjusting the price in relation to available comps from recently sold apartments. That said, bargains at auction certainly can be elusive.

AH, 570 is on the FDR Drive block, so it's possible that it has a better view than 550, possibly of a sliver of river/bridges.

However, the SF numbers are obviously wrong -- my guess is that there's a typo in one, and the 3-BR listed as "350 square feet" is probably "1350 square feet." However, the other I can't guess at except to say it's probably not 780 -- 3-BRs down there don't come in that small a footprint.

ali r.
DG Neary Realty

According to published information, 780-sf is correct for the apartment at 550 Grand--I'm surprised too. But I committed a typo (it must be the heat) on the other unit, at 570 Grand; it should be 1,350.

Heat indeed! I feel like I have to slug ice water just to work.

However, I'm still going with "a 780 sf 3-BR doesn't make any sense at 550 Grand." That (Hillman Housing) is a 1940s building, designed at a gracious time, and the 1-BRs tend to be around 750. I've never seen an original 3-BR there, only combos, but even if you combo'd two studios in the building it would be more than 1,000 sf.

I guess you could take a corner 1-BR of 780 sf and divide the BR in half, but then you still have to cut the LR in half too and be left with a windowless, interior LR.

But I guess we'll know more as the auction progresses. Thanks again Malcolm for all the great reporting.

ali r.

Wow, that Washington Heights apartment is in one of the neighborhood's premiere co-ops. I knew things were bad up here, but I didn't realize they are that bad.

I'm not sure why you say an estate auction suggests that things are bad (worse?) in Washington Heights than they are elsewhere.

> What's the point of an auction when none of the properties seem to be a good value at their starting bid?
TOTALLY agreed, especially with ALL CASH and AS IS.

I saw new information today that the apartment at 550 Grand St. does not in fact have three bedrooms. Given the 780 square feet, it makes much more sense that it contains but one bedroom and a single bath.

Another foreclosed Manhattan apartment is heading to auction, but it's nothing special: http://bit.ly/9upMXz

Sorry, folks, the post didn't show up as planned. It's here now: http://www.serviceyoucantrustblog.com/

Curbed notes that the first closing of the auctioned m127 units has occurred: http://www.nyc.gov/html/dof/html/jump/acris.shtml

This link for the closing works better: http://ny.curbed.com/archives/2010/07/22/on_the_block_results.php

Originally on Curbed, the foreclosure auction of a loft is scheduled for next week: http://malcolmcarter.wordpress.com/2010/07/23/luxury-condo-heads-to-foreclosure-auction/

Here are the results of today's estate auction by the city: http://malcolmcarter.wordpress.com/2010/07/29/citys-estate-auction-nets-1-355-million/

any results on the lion's head PH auction? had a july 28th date.

I do like to keep on top of auction news, but I'm actually out of town on vacation. So the city auction is the best I have been able to do this week. Sorry.

Update on unsold m127 penthouse: http://malcolmcarter.wordpress.com/2010/08/04/deal-said-to-be-near-on-unsold-m127-penthouse/

Aug. 18 is the date for the auction of a 1BR UWS apartment: http://wp.me/puZRS-1a1

malcommnc...the studio you posted looks nice..what neighborhood is 106th street, manhattan valley, uws??

the seller paid $273k and is trying to sell for a profit..i thought auctions were always lower than the original price..not much of a bargain

Results of yesterday's foreclosure auction: http://malcolmcarter.wordpress.com/2010/08/19/auction-of-1br-uws-unit-doesnt-get-off-ground/

m127 penthouse finally is under contract: http://malcolmcarter.wordpress.com/2010/08/20/unsold-at-auct…se-finds-buyer/

oops. try this link instead: http://wp.me/puZRS-1u7

One is the luckiest number in city's estate auction yesterday: http://malcolmcartersblog.com/

Looks like we have our first attempt at a resale, #5 at $1.550
http://streeteasy.com/nyc/sale/551634-condo-127-madison-avenue-midtown-south-new-york

Fascinating. I'll write a post with hardly more detail to appear by 3:30.

Another city auction: http://malcolmcarter.wordpress.com/2010/09/13/1-brooklyn-14-queens-properties-head-to-auction/

There are always auctions in Queens, even in 2006.