Auction of 25 new condos in Queens

Link to auction site: http://eastriverauction.com/

More like southwest Astoria than LIC, no?
http://streeteasy.com/nyc/building/11_24-31st-avenue-astoria

Nice views. Any chance the N/Q line gets extended to the west?

You're probably correct about Astoria, but I believe the address is technically LIC, at least according to the auction house. As for the N/Q, you'll be old and wrinkled by the time that happens--if.

that area is def LIC. And Westie no, the N/Q heads north up 31st so it isn't really close.

That area is no mans land

AvUWS: Well, I learned something today. Never thought of LIC as extending that far north.

I was kidding about the subway extension. But seriously, the commute to Manhattan looks rough for a luxury condo.

I knew parts of that area well, at least up to about 15 years ago. I would say that if the whole Hellsgate area (East of 8th st) isn't part of LIC it certainly felt that way. Just projects and light industrial. The whole area east of 21st st. and south of 27th ave felt a lot more like LIC than Astoria. I didn't consider Astoria as starting, on that side of 21st, until you got north of 27th.

This building is 1 mile from the nearest subway. MTA bus service to the area orginally ended at 6pm on weekdays just as people were getting home from work but now the city has cut bus service back even further and buses no long go within 1/4 mile of the building even before 6pm.

For the last time Malcolm. An auction with a receive is like a hooker who don't give head.

Don't get on my shit list.

Reserve.

Since it's pretty obvious that I'm unfamiliar with the area, though not the most popular parts of LIC, I much appreciate the comments. Thanks!

calldn: Thanks for the transportation update. Since there's on-site parking, I guess the building was aimed at people who drive to work.

Curbed/Daily News now report on yet another auction on Feb. 13--for new condos in Washington Heights: http://ny.curbed.com/archives/2011/01/07/auction_madness_continues_with_washington_heights_condo.php

Here's the auction site: http://newamsterdamauction.com/

This area is ASTORIA! LIC is south of this.

It seems that the auction company likes to keep a secret: http://malcolmcarter.wordpress.com/2011/01/10/the-high-road-whats-up-with-sheldon-good-in-its-upcoming-auction-of-condos-in-manhattan-and-queens/

I have read very carefully the above comments and while there are very true points being made, I have to raise a (cautious) voice, in regards to this. I have been looking the RE market in Astoria and Long Island City over the past two years, as I'm looking to purchase a condo, and I have to say that the news have sounded like melody to my ears.

After all the overpriced condos and open houses I've went to, with the $700 and $800 /sqft prices that they have been asking, I finally see this as a positive turn of events. Finally, the buyers will be able to determine what is the correct price for such condominiums, with definate flaws (proximity to subway- or lack of, undeveloped neighborehood) but also definite advantages (you can't compare the views, for real ppl....).

That being said, I am happy that the market will get to determine what the real price of these condos SHOULD be, rather than the overprices asking prices.

The auction catalogue mentions "price reductions of up to 67%". To my ears, this sounds like "these condos where overpriced by 67% to begin with"

"That being said, I am happy that the market will get to determine what the real price of these condos SHOULD be, rather than the overprices asking prices." - uhh, the market will determine nothing. These will all be bid up and bought by brokers, rented for a while and then resold at profit.

Or unsold, bids below reserve, never know what market price really is.

Unless I lost track, because several units were withdrawn, only four of the 19 that ultimately went on the block had a reserve price. I went to the auction: http://malcolmcarter.wordpress.com/2011/02/13/condos-go-for-a-third-off-original-prices-at-auction/

Here's the new and greatly expanded post: http://malcolmcarter.wordpress.com/2011/02/14/queens-manhattan-condos-are-auctioned-successfully/