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.