Real estate in brief

September 14, 2009 11:32AM

Bid on the City ramps up auction schedule

Manhattan real estate auction Web site, Bid on the City, announced that it will start holding auctions on a weekly basis, due to mounting interest among both buyers and sellers. Vlad Sapozhnikov, the site’s co-founder and managing partner, said that since the Web site launched in May, the company has sold over $21 million in real estate. “We have been seeing an increasing number of properties submitted for sale, and more are coming in every day,” Sapozhnikov said in a press release. “We have just concluded the beta testing of our site and are now faced with huge backlog of both residential and commercial properties.” Properties hitting the block on Sept. 29, Oct. 6 and Oct. 13 are available for viewing online.

Tomorrow, the group will host an open house bus tour beginning at 11:45 a.m. to view six properties scheduled for auction that day. The bus will board outside the auction group’s office at 226 Fifth Avenue on the corner of 27th Street. The Real Deal looked at how Bid on the City auctions work in a May Webcast.

Architectural non-profit signs lease

The Architectural League has signed a three-year lease for a 3,275-square-foot Soho property at 594 Broadway. Paul Wolf, a principal with Denham Wolf Real Estate Services, represented the tenant, while Brian Steinwurtzel and Donna Vogel of Newmark Knight Frank represented the landlord. Although details on the signing price were not immediately available, the asking rate on the space was $39 per square foot.

Harlem building receives $2 million loan for improvements

The Community Preservation Corporation and the New York City Department of Housing Preservation & Development announced that they will provide an approximately $2 million permanent loan for a gut renovation of a five-story property at 404 Lenox Avenue in Harlem. The building will receive new plumbing and electrical systems, new windows and a roof replacement.

National September 11 Memorial & Museum signs lease

The National September 11 Memorial & Museum has signed a 4,700-square-foot lease at 20 Vesey Street. Robert K. Futterman & Associates’ director Michael Worthman and associate Brandon Singer represented the landlord and Cushman & Wakefield’s David Tricarico and Devon McBride represented the tenant. The museum and memorial is expected to move into the space in October this year. TRD