Anxious to sell, developer puts Greenpoint luxury condos up for auction

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TreeTop Development’s 16 new Greenpoint luxury condominiums at the Locale are going up for auction, a move that the company hopes will speed sales and reduce the costs involved with a conventional marketing process. Units range from 600 to 1,000 square feet, and bids will start at $150,000, a steep discount from the original asking prices of between $445,000 to $599,000. The building’s first showing is this Sunday. The Nov. 11 auction, which will take place at the New York Marriott at the Brooklyn Bridge, will be the first of its kind for Brooklyn, but not for TreeTop, which is also working with real estate auction firm Sheldon Good & Company to auction off the first nine units at the Saffron in Jersey City on Nov. 8. [Crain’s]

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