From the March issue: As home to the flagship locations of Christie’s and Sotheby’s, New York is no stranger to the auction business.
When it comes to real estate, though, auctions of new condominium units — commonplace in cities across the United States for a few years now — have not been seen in the city with any regularity for nearly two decades.
However, according to auction professionals, brokers and developers, the phenomenon is likely to gain a toehold in the New York market in the coming months.
“Auctions are inevitable in New York,” said Jon Gollinger, the co-founder and East Coast CEO of Accelerated Marketing Partners, a marketing firm that conducted more than 40 real estate auctions last year in cities including Boston, Washington, D.C., and Los Angeles.
