Carlton Property to auction 110 vacant NYC apartments

Real Estate Weekly, Sept 29, 1993

Carlton Property Auctions will make hundreds of dreams come true for first-time homebuyers and middle-income families around New York City when it holds its Auction of a Lifetime, selling 110 vacant, New York City residences on Sunday, Oct. 24.

Suggested opening bids for many of the residences begin as low as $19,000, providing an unbeatable opportunity for first-time buyers, according to Steven W. Birbach, Carlton's president.

The sale is being cond for a major financial institution, who is very motivated to sell the entire portfolio of residences, which include studio, one, two and three-bedroom cooperative apartments spanning the entire New York City area. Among the properties up for sale in Queens are residences at 6545 Yellowstone Boulevard in Forest Hills, 8511 Leffarts Avenue in Kew Gardens and 8410 153rd Avenue in Howard Beach.

In Manhattan, residences at 400 East 52nd Street and 407 Park Avenue South are among those included in this auction.

Many of the residences will be sold absolute, regardless of price, to the highest bidder.

Financing is being offered to all qualified buyers at the "Auction of a Lifetime" through I.P.I. Auction Financing Corporation, one of the largest auction financing firms in the Northeast. Conventional financing, at rates of 7.25 percent for a 30-year fixed-rate mortgage and 6.75 percent for a 15 year year fixed-rate mortgage, will be made available.

Carlton Property Auctions will manage the intensive marketing campaign of the portfolio and conduct the auction on Sunday, October 24 at 1 p.m. at the Sheraton Hotel La Guardia East Hotel in Flushing.