building at 1056 Fifth Avenue

Would appreciate any info on this building. Apartment 11E (1250 sq. ft., two bedrooms) is being auctioned on 10/22/09, minimum bid $710,000! Could this be a good deal? Thanks.

Where is the auction???

10/22/09, 11:30 am, 31 Chambers St, Rm 503, 212-788-8455.

Owner apparently died intestate, so Public Administrator is settling the estate. See also http://malcolmcarter.wordpress.com/2009/10/06/this-fifth-avenue-apartment-could-be-a-bargain/

So if these are Co-ops, and you bid on the place and win, do you still submit a package to them for approval? Or does this bypass he board? Doesn't let this in the "common people" that a board might not want? (/sarcasm)....just wondering!

Board approval still required, unless the deceased owner happened to have been a holder of unsold shares. I'd discount that possibility altogether, if there wasn't just such a single-apartment individual holder in my own building.

I have to agree concerning the issue surrounding "unsold shares" which is usually associated with an investor having bought the co-op with a statutory tenant in-place. Once the tenant moves or passes, the owner (assuming they did not use the unit for personal use) could in-turn sell the shares as "un-sold" shares (de-facto sponsor) and avoid board approval. However, as an estate sale, this is doubtful.

While I have not seen the unit in person, seems mkt price would be in the $1.5M and the maint. is quite low for a 5th Avenue two bedroom. The "E" line, from memory has side-views. No matter, an excellent opportunity based on address and potential to purchase a 2bd on the Gold Coast for $1M.

If there was a unit which I would expect to get rejected by a Board due to low price.......................

............the board will have to bite the bullet on this unit. Because it's an auction, it is an all cash deal. I think the board would open itself to unwanted scrutiny if they reject several successful bidders. Too many people are going to know!

anyone know what happened? sounds like the auction was postponed.

The auction was postponed. See http://malcolmcarter.wordpress.com/2009/10/20/auction-of-fifth-avenue-co-op-is-postponed/

The auction has been rescheduled. See http://www.ServiceYouCanTrustBlog.com/ for details

The auction will be Thursday at the city's Office of Public Administrator. Details here: http://malcolmcarter.wordpress.com/2009/11/16/mark-your-calendar-for-1056-fifth-avenue-auction/

I've heard that this Bd is horrendous.

Any idea as to why the reserve was raised to $900,000? Maybe the crazy board? With the reserve at $900,000, why would anybody bother with this auction.

I went to the auction, and you won't believe the winning bid. I write all about it in my blog: http://malcolmcarter.wordpress.com/2009/11/20/last-bidder-standing-wins-1056-fifth-avenue/

Coop board will put her through hell, only to turn her down.

I discovered the auction of another luxury apartment, this one on Central Park South. Details in my blog: http://malcolmcarter.wordpress.com/2009/12/06/another-manhattan-luxury-condop-to-be-auctioned/

"Coop board will put her through hell, only to turn her down." If the board is halfway sensible they should like this price and from a precedent standpoint might want it to get sold at a number like $1.15mm vs. the previous 710k. On that basis I could see them being constructive on the application. Of course if your comment was coming from more of a, shall we say, diversity standpoint, then yes it could be an interesting board meeting to be a fly on the wall for (based on malcolm's description of the buyer)

Joseph Korff isn't giving up on selling his units in Riverdale's Solaria: http://malcolmcarter.wordpress.com/2009/12/10/shocking-news-from-the-solaria-kidding/

At the last city auction, I finally nailed down the board approval issue. The city's attorney told me that the sale becomes void and the money is returned if the board turns down the winning bidder.

Now Joe Korff is trying a dubious strategy called "Spring Bid and Buy" for the Solaria.

from the diversity standpoint: the board in this building is not racist! there are 2 asian families, and one half asian family, and it is totally open to people of all races

the board is also not corrupt, but only allows people if they are in a financially stable situation (which many aren't)