A pair of East Village condo buildings are going up for auction

Properties at 436 and 442 East 13th Street have projected sellout of about $37M

New York /
Dec.December 19, 2018 05:05 PM

436-442 East 13th Street (Paramount Realty USA)

A pair of new condos in the East Village from the Amirian Group are going up for auction amid concerns about absorption rates and a desire to speed up the sales process.

Paramount Realty USA, a real estate firm that specializes in auction sales, announced Wednesday that it would auction off the buildings at 436 and 442 East 13th Street, which have a projected sellout of $37 million. Bidders will get to name their prices for some or all of the units, and a bulk purchase could lead to a discount of up to 25 percent, according to Paramount.

Interior views of 436-442 East 13th Street (Paramount Realty USA)

The properties are known as Thirteen East + West, and Amirian Group and its former partner Bridgeton Holdings bought the sites in 2015 for $9.5 million. Both buildings span 12,722 square feet with six units across six stories, and both contain rooftop terraces and private garages.

David Amirian’s Amirian Group previously considered refinancing the existing mortgage on the property with traditional financing, and they had explored letting investors use cryptocurrency to invest in the project as well. However, the company ultimately concluded that a bulk sale would make for the cleanest exit.

“The prospect of instant liquidity, both for my investors now and for my next projects going forward, justified going the auction route,” Amirian said in a statement.

The suggested value for bidders looking to buy the entire property is between $27 million and $29 million, according to Paramount.

Bidders who want to take part in the auction have to place their bids and a $500,000 deposit by Jan. 29. If there are multiple offers, the highest potential buyers will take part in a runoff open outcry auction. They also need to obtain due diligence information from Paramount Realty USA and tour the property at a scheduled inspection.

Paramount Realty USA previously helped organize the auction for President Donald Trump’s childhood home in at 85-15 Wareham Place in Queens, which sold last year for $2.14 million. The buyer was reportedly a woman from China.


Related Articles

arrow_forward_ios
Seth Weissman, Financing
Urban Standard wants to rescue property owners from high interest rates
Urban Standard wants to rescue property owners from high interest rates
From left: Michael Dell with 25 Water Street, Alex Sapir with 261 Madison Avenue and Marc Holiday with One Madison Avenue (Getty, Edge Funds, Sapir Organization, SL Green)
Office properties (yes, office!) got Manhattan’s biggest December loans
Office properties (yes, office!) got Manhattan’s biggest December loans
Salim Assa with 15 West 55th Street
Troubled Midtown rental saga headed for a foreclosure finale
Troubled Midtown rental saga headed for a foreclosure finale
Atlas Hospitality Brokerage president Alan Reay (Atlas Hospitality Brokerage)
Listen: Inside the looming distress across the hotel market
Listen: Inside the looming distress across the hotel market
Businessman arguing with buildings
The bickering bros: Jemals escalate battle over portfolio
The bickering bros: Jemals escalate battle over portfolio
Vornado Realty Trust chairman Steve Roth and 401 Seventh Avenue (Getty, LoopNet, Vornado Realty Trust)
Vornado eyeing NYC’s casino sweepstakes
Vornado eyeing NYC’s casino sweepstakes
A photo illustration of The Artisan Hotel at 1501 W Sahara Ave in Las Vegas (Getty, LoopNet)
Las Vegas to get its first cannabis-friendly hotel
Las Vegas to get its first cannabis-friendly hotel
A photo illustration of Cineworld's CEO Mooky “Moshe” Greidinger (Getty)
Regal Cinemas to close 39 U.S. theaters following bankruptcy
Regal Cinemas to close 39 U.S. theaters following bankruptcy
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...