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.
