Manhattan-based real estate auction company to launch in Miami

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Bid on the City, a Manhattan-based online real estate auction company, is slated to launch in Miami this week, the company announced today. The company said it expects to have the site go live tomorrow. Bid on the City, which was founded in April 2009, launched in the Hamptons in January 2010 for rentals. The Miami site will feature both sales and rental listings (note: correction appended). Vlad Sapozhnikov, general manager of Bid on the City, said that he saw a specific need for this expansion. “Today’s economic climate has created a demand for a fast, efficient and transparent way to rent and sell property,” Sapozhnikov said. The first Miami bidding event will be held at the auction house’s new office in Times Square. The 7,500-square-foot office, located at 1500 Broadway on the corner of 43rd Street, marks a significant expansion for Bid on the City, whose original Manhattan office was 2,000 square feet. Sapozhnikov said that the business has changed significantly since its founding, with more of its clientele comfortable with the online bidding format. “Many people [had] believe they needed to be [in an office] physically in order to bid at a real estate auction,” said Sapozhnikov of the company’s founding. “Once bidders saw all bids were done online, they quickly realized they could watch and bid from anywhere in the world.” TRD