After failing to find a buyer for a $50 million triplex in Midtown West, Solly Assa is jumping on the auction block bandwagon.
Assa Properties is putting the three-unit combination at 70 West 45th Street on the block with a minimum reserve bid of $30 million, the New York Post reported. Paramount Realty USA is conducting the auction slated for Nov. 13.
Both separately and combined, the three units at the Cassa Hotel and Residences have floated on and off the market since 2011. Residents of the units have included Rihanna, French Montana and former New York Yankees infielder Rougned Odor. Assa developed the property in 2010.
Put together, the triplex spans 8,000 square feet; a minimum bid for the condominium would come out to $3,750 per square foot. The three-floor spread includes 13 bedrooms, 10 bathrooms, three powder rooms and additional office space on the 48th floor, above the other three floors.
The units could also be had separately. Each unit comes with its own reserve bid between $10 million and $12 million.
The auction was first reported by Mansion Global. Corcoran’s Sebastian Lopera has the listing.
Luxury listings hitting the auction block remain relatively rare, but more apartment owners are embracing the method to sell their unit, rather than holding on to it as a last resort. Major brokerages are even partnering with auction houses like Paramount, which has a relationship with Compass.
The efficiency of auctions is undeniable, but there are drawbacks, too. Sellers are often on the hook for a broker’s commission, while buyers are forced to pay fees to the auction house. For sellers, however, waiting patiently for a home to sell traditionally can be expensive, carrying costs such as mortgage interest, property taxes and monthly dues.
It’s unclear how auctions affect sales prices, especially considering the psychology that goes into a bidding war.
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