New York City auction activity to rise, Solaria auctioneer says

While Alex Abrams, executive vice president of auctioneer Real Estate Disposition Corporation, spearheaded last winter’s auction of the Solaria condominium in the Bronx, he told the New York Times that many New York City developers are still reluctant about the idea of a property auction. Even though the Solaria auction resulted in “high-bid offers” on the remaining 54 units in the 64-unit building, according to Abrams, many developers try other tactics, like slashing prices, before attempting an auction. “Many developers in New York are still waiting and holding out to see what’s going to happen in the market,” Abrams said. “But I think we’re going to see a lot more auction activity by the end of the year.” [NYT]