NYC public auction April 30 - numerous commercial buildings and empty lots - Brief Article

Real Estate Weekly, April 8, 1992

Over 170 properties will be sold to the highest bidder at the April 30 New York City Public Real Estate Auction.

Administered by New York City's Department of General Services', Division of Real Property, the auction features an assortment of vacant lots and commercial buildings in all five boroughs of the City. Whether you are searching for a site for a new home or business, or just looking for a place to park your car, New York City real estate is a great place to start.

On April 30, 173 properties will be on the auction block: in Brooklyn, 50 in Queens, 28 in the Bronx, 14 in Staten Island and 13 in Manhattan.

Several outstanding properties will be included in this sale. A former Transit Substation on West 96th Street in Manhattan, is the highest priced parcel in the auction, with bids starting at S1.8 million.

The auction also includes a former New York City Bathhouse, located in Manhattan's Lower East Side. This architecturally significant structure, known as the "Allen Street Bathhouse," is being offered with bids starting at $300,000. The purchase is however, limited to not-for-profit users.

Not all of the properties sold by the City of New York are this costly however. With bids on many properties starting as low as $1.000 there is a property for every price range.

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. Many sites are eligible for city mortgages on a portion of the remaining balance.

The auction will be held at One Police Plaza in Manhattan (behind the Municipal Building) on April 30, 1992. Bidding starts at 9:00 a.m., so be sure to be early.

If you are interested in receiving a free copy of the April 30th Auction Brochure, with all the terms and conditions of sale, call (212) 566-8914, or stop by the offices of the Division of Real Property, at 2 Lafayette Street, 22nd floor, in Manhattan.