The property, which had languished on the market for months, was sold six weeks later to the highest bidder at an auction held at the New York Marriott in downtown Manhattan.
Chalk up another victory for Gramercy Auctions Group, one of a handful of area real estate auctioneers that are seeing demand for their services soar.
Once written off by sellers as setups for lowballing, property auctions have earned growing respect in the current economic environment as a means of breaking the ice in frozen markets. Auctions offer sellers opportunities to turn illiquid assets into cash, and they offer bidders chances for possible bargains.
Just last week, more than 375 foreclosed homes in New York, New Jersey and Pennsylvania—going for a discount of as much as 50% off their original purchase prices—were put up for auction at the Javits Convention Center by USHomeAuction.com, a firm that put more than 30,000 properties on the block in 2008.
New York City 2010
