City to auction off Manhattan co-ops
Started by malcolmnc
about 15 years ago
Posts: 237
Member since: Jan 2009
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Wow Malcolm. Great work. Thanks.
Mary Serra must have been quite a gal, owing as she did (RIP) an income-restricted cold-water flat in Hell's Kitchen AND a luxurious suite of rooms on Sutton Place South.
No bargains here, 60 Sutton Place South minimum bid 680K estate condition. Same apartment on higher floor, renovated, listed 4 months ago @ 795K and hasn't moved. Will probably go for less than $750K.
Similar 1 bedroom in the building, different line, some reno, asking $695K.
Auctions give the appearance of a bargain but usually aren't.
I notice that some of these -- haven't checked them all-- are actually not that far from recent sale prices. Assuming that they will not go for minimum bids and that they are probably in "estate" condition, doesn't look like there will be any great deals here.
My mistake, Alan: ol' Mary didn't own the Hell's Kitchen place. It was one Bruce Saxon. Now corrected. As for bargains, sometimes the minimum bids are a bit below the market, but I believe the city tries to price at close to the market.
Close to market? This apt in 60 Sutton Place South which seems to be in good condition and has a terrace facing the river which is probably the most desirable line (can't determine the views from foreclosed apt) sold in January for $605K -- $75K below minimum bid.
http://streeteasy.com/nyc/sale/516520-coop-60-sutton-place-south-sutton-place-new-york
That cold-water flat for $200/sq ft seems an ok deal if it goes for 82k. But it's income-restricted (HDFC?) meaning you probably can't rent it out. I wonder who will pick this one up since you can't make more than 50K and presumably you have to pay cash ...
Yes, freewilly, HDFC. You have to pay cash, but that means only that you have financing in place. In other words, when you go to closing, the bank is there with your mortgage money too.
They should call it Manhattan shoe boxes auction!
Interested in the results of this. I take it Malcolm will update his blog soon.
I'll provide the link early Friday morning to my post, The Big Apple, freewilly. Auction results will be the fourth item.
Here's the link for results--fourth item: http://malcolmcarter.wordpress.com/2011/03/25/the-big-apple-citys-estate-auction-is-a-dud/