Bid on the City $1 auction reportedly fizzles

Yesterday’s $1 minimum Bid on the City auction event may not have gone as well as anticipated, according to Malcolm Carter who attended the event. Of the 10 properties on the auction block, fewer than half had closing bids that reached 50 percent of the properties’ last asking price, according to Curbed. One property at 147 West 142nd Street, which last had an asking price of $445,000, was auctioned for $50,000, while a unit at 175 East 102nd Street last listed for $225,000 auctioned for $110,000. And Carter said that Bid on the City representatives would often reset the auction clock when activity deteriorated, apparently in an effort to ratchet up more bids. Sellers will have 24 hours to accept or reject the final bids.