City to sell real estate at November 17 public auction

Real Estate Weekly, Oct 20, 1999

On Wednesday, November 17th, the New York City Department of Citywide Administrative Services (DCAS) will hold a public real estate auction of over 200 city-owned vacant lots and buildings located throughout the five boroughs.

The auction, which starts at 9 a.m., will be held at St. Andrew's Plaza, located just north of 1 Centre Street in Manhattan.

Opportunities abound for every budget at the DCAS auction, where bidding on some properties starts as low as $1,000. Whether you are searching for a site for a new home or business, a great redevelopment opportunity or just a place to park your car, New York City real estate is a great place to start.

Purchasers of city-owned property are required to put down a deposit of 20 percent of the purchase price on the day of the auction. A purchase money mortgage may be available for sales over $20,000. Qualified purchasers may apply for the 7.5 percent mortgage.

A pre-auction seminar will be held at 2 Washington Street in Manhattan, 19th floor, on Tuesday, November 9th for those who have never bid at a city auction or who have questions.

For information and a free copy of the auction brochure, call (212) 669-8888, visit DCAS Division of Real Estate Services at 1 Centre Street, 19th floor North, in Manhattan, or visit their web site at: http://www.ci.nyc.ny. us/html/dcas/html/realestateauction.html.