Condominium Apartments Auctioned Off in Manhattan — at a 30% Discount

February 14, 2011 / Russell Legato, Residential Property Analyst

Luxurious condominium apartments in Manhattan, New York were sold, auctioned off Sunday for about 30 percent of the original asking price. The condominium apartments, according to the firm who took care of the auction, Sheldon Good and Co, the condominium apartments were located at Washington Heights, a New York City neighborhood, and in Queens, the largest boroughs in the state.

Condominium Apartments Auctioned Off in Manhattan — at a 30% Discount

Another 20 luxury condominiums on Fairview at Harbour Pointe, a condominium or townhome complex in Mukilteo Washington, were also sold in an auction, November last year, by Beverly Hills, CA-based — Kennedy Wilson. The condo units generated about $6.6 million of sales.

The auction for the condominium apartments took place at The Roosevelt Hotel, Manhattan, where 26 of the remaining residential units at New Amsterdam, which is located in Washington Heights, generated about $211,000 to $503,000.

The condominium apartments start from the one-bedroom 632 square foot apartment units to a four-bedroom 1,525 square foot penthouse unit.

According to Sheldon Good’s chief executive, John Cuticelli, because of the auction’s huge success, the owner and developer of the residential community can now pay off its bank mortgage and start with other developments — from the money generated by the auction.

The winning bidders of the condominium apartments, according to company information, can take hold of their properties immediately because the properties were auctioned off absolutely.

19 apartments were also auctioned of the Sheldon Goods at East River Tower, Queens. The residential properties were sold from $333,000 to about $601,500 for a one-bedroom and a two-bedroom unit.

The auctions for the condominium apartments attracted about 750 people.

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