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.
8 comments:
"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."
Could apply to Atlas Park as well.
That's a tough location. It's not really close to any subways, no busses (last I heard), and it borders the Queensbridge projects. Definitely need a car with a parking space.
Yeahhh...not the best location. Anyone working an afternoon/night shift would not even look at the place!
And $195,000 is so affordable!
How much money are they bidding to have me live there? Oh, I'm supposed to pay them? Nevermind.
Auctions are actually quite effective.
More cars from out of town yuppies polluting Astoria.
What a solution.
This place will never be sold. They should just knock it down and put up a park.
Post a Comment