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Sales Suffer in a Wealthy ZIP Code

Despite price cuts and a role in a reality series, Victoria Gotti’s estate has gone into foreclosure.

A SPACIOUS four-bedroom three-and-a-half-bath split ranch with an in-ground gunite pool and a cabana on two and a half acres with backyard to die for: Billee and Irving Spodek’s house went on the market last May for $1.975 million, and they accepted an offer on it within three months. But in October, just days before the closing, the stock market tanked, the bank withdrew its mortgage commitment and the deal fell through.

They quickly relisted the property, but to no avail. “I barely showed the house all winter,” said Ms. Spodek, an agent for Coldwell Banker in East Hills, who had planned to downsize.

It's Like EBay For Manhattan Real Estate

The website shows two properties on the front page, one with "Original Price" of $35,000,000 and "Starting Bid" of $15,000,000. It's a townhouse at 11 East 74th Street, so right off Fifth Avenue. The other originally at $1,500,000 and starting bid $1,300,000, is a 3.5 bedroom condo at 325 Fifth Avenue, which is much further downtown.

Obviously, in the Manhattan real estate market, there are contingencies on the purchase, especially for co-ops, where those sticky co-op boards have the last say on every sale. These first properties on the site are all condos. Some sellers want mortgage contingencies as well. Bid on the City charges you a 3 percent commission for the buyer and the seller, equaling 6 percent.

Manhattan real estate hits auction block

BidOnTheCity showroom

BidOnTheCity.com aims to stimulate Manhattan real estate sales with a high-tech system for global online auctions that features a 30-day marketing timeline and a 30-minute bidding window.

Albert Feinstein and Vlad Sapozhnikov, executives for New York Business Group, a real estate brokerage firm, contracted with PropertyShark.com, a real estate data company, to build the bidding engine for the new company.