Report: Thirteen East + West on the auction block

Last we heard anything about Thirteen East + West condos, there was a report that the recently constructed twin residences on 13th Street between Avenue A and First Avenue were to be the first major assets in NYC to be — drumroll — tokenized on Ethereum.

However, those blockchain plans didn't pan out. Now, as The Real Deal first reported, the developer, the Amirian Group, is auctioning off the condos for instant liquidity.

Per TRD:

Paramount Realty USA, a real-estate firm that specializes in auction sales, announced Wednesday that it would auction off the buildings ... which have a projected sellout of $37 million. Bidders will get to name their prices for some or all of the units, and a bulk purchase could lead to a discount of up to 25 percent...

And the details if you want to get in on the bidding....

Bidders who want to take part in the auction have to place their bids and a $500,000 deposit by Jan. 29. If there are multiple offers, the highest potential buyers will take part in a runoff open outcry auction.

And if you need to work on your hand signals for that open outcry auction...

Previously on EV Grieve:
Tracking the coming changes to East 13th Street between Avenue A and 1st Avenue

A look at the new luxury condos coming soon to East 13th Street

Temporary art and future condos on East 13th Street

Demo time for East 13th Street garages that will yield to luxury condos

A look at the residences coming to Thirteen East + West on East 13th Street

Full exposures at Thirteen East + West

Tales from the crypto: Thirteen East + West tokenized on blockchain

Polonia's liquidation sale is Thursday

[evg file photo]

As we first reported, Polonia closed up on First Avenue this past Dec. 24 ... A tipster let us know that Polonia's liquidation sale is happening on Thursday... (details here)

MICHAEL AMODEO & CO., INC.
Sell THURSDAY JANUARY 26 at 2:00 Pm
At 110 FIRST AVENUE, MANHATTAN, NYC, NEAR 7th ST.
RESTAURANT - CAFE - RESTAURANT
Garland 6 Burner Stove with Salamander, Countertop Fryer, Globe S.S. Meat Slicer, Hobart 20Qt Mixer, 400 Lb Ice Machine, Keating 4Ft Flat Grill, Bain Marie, 8x8 Aluminum Walk-In Cooler, 6 & 8Ft S.S. Hoods, Pots, Pans, Utensils, China Dinnerware, Glassware, 2 Like New Slimline 3 Ton A/C Units with Ductless Blowers. Inspection: Day Of Sale 1 PM To Sale Time.
Terms: Cash Or Bank Cashiers Checks. 15% Buyers Premium.
Auctioneers Phone: 212-473-6830 or 917-776-1080.

This Seventh Street co-op studio fetched nearly $200,000 at an auction

An EV Grieve reader told me about attending the New York County Public Administrator's real-estate auction on Dec. 8. I've heard about these, but have no idea what's involved... (To bid, you take a certified or official bank check equal to 10 percent of the minimum bid and payable to the public administrator.)

The auction took place at The Surrogate Court Building on Chambers and Centre. Two of the properties that people bought were in the East Village, according to Malcolm Carter's blog at Charles Rutenberg Realty:

• 512 E. 11th St., #2D, estate of Carl Grimmett, 295 square feet, studio, $300 maintenance, income limited, $110,000 minimum bid/sold for $152,000

• 204 E. 7th St., #12, estate of Gary Walden, 304 square feet, one bedroom, $375 maintenance, $43,000 minimum/sold for $194,000

Per Carter:

The first property offered, a 304-sf co-op in poor condition at 204 E. 7th St., had 15-20 bidders jammed in front of a long conference table at which city officials and lawyers were seated as the sale of Unit 12 began.

Bids for the apartment rose in uncharacteristically high increments, skyrocketing to $194,000 versus the $43,000 minimum. The winning amount was an unlikely 451 percent of the upset price.

The reader noted that both East Village units were in "really bad shape," but "could be very cool renovation projects."

So how bad is "really bad"? Here are two photos from 204 Seventh St.:

Interesting that even a 300-square-foot studio in this current state would fetch nearly $200,000. And some people consider this a good deal. Tells you something about the current state of real estate here.