While residential property auctions have long been associated with distressed properties, some real estate professionals are now testing them on regular apartments that are simply not selling that fast. On this week’s Webcast, The Real Deal’s Sara Polsky checks out one of the first Manhattan property auctions to provide an alternative to the normal brokerage process. Bid on the City, which operates out of a Fifth Avenue storefront, put five properties — with starting bids ranging from $299,000 to $1.13 million — on the auction block last weekend. The Real Deal spoke to all the major players at the auction and got the results. To watch the full Webcast, click on the video above.
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