From the Daily News:
A slick new Long Island City high-rise has come up with a alternative way to sell its empty condominiums: auction them off.
The East River Tower is putting 15 to 25 of its roughly 75 luxury units on the auction block next month. And some housing experts predict that could be a boon for the building - and the neighborhood.
Sheldon Good & Co. announced last week that it will auction off the condos on Feb. 13 at The Roosevelt Hotel in Manhattan. Bids start at $195,000, representing a 67% price cut.
"In the real estate world, auctions have traditionally been seen as the means of last resort to sell distressed properties," said Mark Troen, chief operating officer of Sheldon Good. But "they're really now becoming an accepted and mainstream way to sell properties that have not conventionally sold."
Troen said he believes buyers shied away from the 18-story tower at 11-24 31st Ave. because of its hefty prerecession prices. The building's location near the edge of Astoria also probably played a part in its lackluster sales, he said.