New venture auctions off condos

Two real estate executives have started a company to auction off apartments in the city. Albert Feinstein, a lawyer and principal broker of New York Business Group, and Vlad Sapozhnikov, a senior vice president at New York Business Group, founded the $3 million venture called Bid on the City, which opens this week. Potential buyers can bid on condos online or at the company’s headquarters near Madison Square Park. The first few condos to be sold belong to sellers who paid $660,000 to $1.38 million within the past few years, and expect to take losses, and other units belong to developers who will offer apartments at significant discounts. Sellers have to sign a 30-day exclusive listing agreement with Bid on the City, and the condos are auctioned four weeks later. Some of the auctioned properties will be units in 555 West 23rd Street and the Millennium Tower Residences at 30 West Street.