The Real Deal New York

Two East Harlem condos to hit the auction block next month

May 13, 2011 09:09AM

From left: The Alto condominium and the Winfield condominium, both in East Harlem

Two new East Harlem condominiums will hit the auction block next month as their anxious developers forego the traditional brokerage route and instead attempt to unload the entirety of their inventory in one shot, auctioneer Paramount Realty USA said.

In all, 34 units once listed for a combined $20 million will go up for sale, with eight of those units being sold with no minimum bid.

The first of the two buildings, the 12-unit Winfield condo, is located a 231 East 111th Street and was developed by Lou Foundos. Prices had ranged from $325,000 to $650,000 per unit previously, but suggested opening bids at the auction begin at $149,000.

“I need to sell at least a substantial portion of the units in my building very quickly to help facilitate financings,” Foundos explained.

The second property, at 178 East 117th Street, has been dubbed the Alto by developer Moshe Gold of G&L Realty. The eight-story, 22-unit condo is comprised entirely of two bedrooms whose prices had ranged from $650,000 to $850,000. Suggested opening bids will begin at $249,000 for the Alto.

Paramount principal Misha Haghani said he expects both condos to sell out at the auction, which is scheduled for June 19 at the Roosevelt Hotel. “There is limited competition for new product in this submarket; in fact this auction represents a very significant portion of the available new inventory in all of East Harlem,” Haghani said, adding that the strategy is unique in that “this auction is a ‘grand-opening sale’ as opposed to a ‘close-out sale’” for both buildings.

Paramount will hold four weeks of open houses prior to the event. TRD


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