In rare auction, Battery Park luxury condo sells for nearly $3M

Marketing campaign pulled in 65 visitors, five bidders

Apr.April 09, 2014 01:41 PM

A 29th-floor condominium at Battery Park City’s Ritz-Carlton New York Residences sold at auction for a bid of $2.96 million.

The pre-auction marketing campaign by Sheldon Good & Company pulled 4,560 inquiries from all over the U.S. and 1,448 from international bidders, according to a news release from Sheldon Good. A total of 65 interested parties visited the property and five bidders participated in the auction of the 10 West Street residence.

“Auctions in New York City are rare, yet homes remain on the market for years using traditional real estate marketing without selling,” John Cuticelli, chairman at Sheldon Good & Company, said in the release. “In just four weeks we were able to generate impressive global attention for this luxury residence and derive a fair value market price through our competitive auction.”

A court-appointed receiver in the process of liquidating a portion of the owner’s assets opted to put the property up for auction to glean what Cuticelli called “the definition of fair market price” and to make the sale happen within a set time frame, as previously reported. — Julie Strickland

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