Five Manhattan properties hit auction block with $1 starting bid

April 26, 2011 12:13PM

From left: 17 West 24th Street (source: PropertyShark), 325 Fifth Avenue, 15 Broad Street, 230 East 53rd Street (source: PropertyShark) and 247 West 46th Street (source: PropertyShark)

Bid on the City will auction off five Manhattan properties each worth at least $1 million May 31, and all a bidder needs is $1 to get in on the action. The Manhattan-based real estate trading platform will hold the bidding in its Time Square office for properties including a 7,800-square-foot commercial space at 17 West 24th Street with an original asking price of $9 million and a three-bedroom condominium unit at 325 Fifth Avenue originally listed for $3 million. The other properties are a $5 million commercial space at 230 East 53rd Street, and condo units at 15 Broad Street and 247 West 46th Street. Bid on the City previously held a $1 auction last February and most of the properties garnered final bids of less than half of the original asking price. As The Real Deal previously reported, many industry experts believe auctions of non-distressed properties are tied too closely to foreclosure auctions and therefore generate lower bids. Bid on the City will also auction off 10 Westchester homes with $11 million in asking prices on the same day. The company will hold its first-ever Miami property auction May 17. TRD


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