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October 7, 2009

280 Hicks, Many Others, Fail to Sell at Auction

280-Hicks-100709.jpg
As expected, the $2 million asking price of 280 Hicks proved to be too high yesterday, as the historic but dilapidated Brooklyn Heights carriage house failed to sell at public auction. As far as the other seventeen properties that were up for auction are concerned, only nine ended up selling. The Public Adminstrator said that the properties that didn't sell would be auctioned again in six months and the ones that again failed to sell would be opened up to brokers. Complete auction results on the jump.
280 Hicks Up For Auction [Brownstoner]

1. 105 East 53rd street - opening bid 400K - no bidders
2. 418 Macon St - OB 500K - sold at 540K
3. 544 Snediker Ave - OB 315K - no bidders
4. 541 Snediker - OB 290K - no bidders
5. 280 Hicks ST - OB 2M - no bidders
6. 25 Oliver St #2B - OB 180K - no bidders
7. 300 Parkville Ave - withdrawn
8. 1655 Flatbush Ave apt B508 - OB 110K - sold at 110K
9. 1488 Union St - OB 420K - sold at 540K
10. 455 Van Buren St - OB 340K - no bidders
11. 100 Remsen St apt 8E - OB 150K - sold at 150K
12. 130 Hicks St #6C - OB 160K - sold at 160K
13. 373 Grand Ave apt #2 - OB 50K - sold 155K
14. 72 Newport St - OB 320K - sold at 365K
15. 1427 35th St - withdrawn
16. 9 East 92nd St - OB 210K - sold at 210K
17. 2702 Ave Z - OB 615K - sold at 720K




Posted by Brownstoner at 10:30 AM | Comments (19)
Categories: Sales

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Comments

$150K and $160K for prime brooklyn heights studios, even if their condition was poor, seems like a pretty good deal.

Anyone know how auctions like this work for co-ops? How is approval handled? Would you be able to purchase as an investor under these circumstances?

Posted by: bdeis01 at October 7, 2009 10:46 AM

another six months? wow. I hope the roof holds. Two million minimum bid was pretty aggressive in this sinking market. What were they thinking? If they had started bidding at one million, I bet it would have sold for 1.6 or 1.7. This building needs an owner and some maintenance asap.

Posted by: Minard Lafever at October 7, 2009 10:46 AM

Some of you people saw the Macon St house. What was it like inside?? Any updated mechanicals???

Posted by: daveinbedstuy at October 7, 2009 10:54 AM

Those studios are pretty small, but cheap too. Are they delivered vacant?

Posted by: Ringo at October 7, 2009 11:05 AM

I know I will be in the minority here, but I kind of think that is what those studios should cost. Obviously it is what the market is saying at the moment. Auction prices are good indicators of where the bottom is.

Posted by: Minard Lafever at October 7, 2009 11:14 AM

I wonder what would have happened if they had set a lower minimum bid for the carriage house? Would the final price actually have gone higher if it weren't set to start so high?

Posted by: bxgrl at October 7, 2009 11:16 AM

I agree that it's what the SHOULD cost, Minard, but another unit in the E lines was recently priced at 299. I think these auctions go under the radar a little, and I think you have to pay up in 30 days -- something not everyone can do.

Posted by: Ringo at October 7, 2009 11:19 AM

A buyer at auction must be approved by the Coop Board and is subject to all the same regulations as all other shareholders (no investors, etc.).

Posted by: BH76 at October 7, 2009 11:19 AM

Dumb dumb dumb. Have a real auction where price starts way below comp and goes for whatever psychology lets it. We all know what's been happening to "six months later" listings (used to be 25% sold, now nada).

***Bill Thompson For Mayor***

Posted by: Brownstones Half Off at October 7, 2009 11:19 AM

Whoever got the Macon place got a great deal I think. I went to see it, I have to admint I'm no appraisal pro but there was a lot of updated stuff in there. Pretty sure the plumbing was updated and the systems (boiler, etc) looked not in bad shape. They had also started some renovatiosn that were near completion including finishing the cellar and a very nice master bath suite. I WISH I had the cash to go and bid on that one. It was a two family though but had two apartments (studio and one bedroom, small but efficient) each on the top two floors plus the owner's unit on the bottom so I don't know what that means when it's time to try and rent them out. Anyway assuming you can actually rent those apartments you could cover your mortgage with the rents and live almost free. Congrats to the winner!

Posted by: Tdeezy at October 7, 2009 11:23 AM

Agree on the Macon. I think we discussed it on the OT.

Posted by: the chicken at October 7, 2009 11:26 AM

I was thinking that the incredible charm of the BH carraige house (and, of course, it's location) might open some wallets. But I was wrong.

That IS a lot of money for what looks to be a rather small house!

It seems crazy to me that the public administer will wait 6 months until the next auction. I assume this is the normal course?

Maybe in 6 months, the opening bid will be lower.
1.6M perhaps?

Who determines the opening bid, and what criteria do they use?

Posted by: Pigeon at October 7, 2009 11:27 AM

You're right chicken, I did pose a question about the property on OT but then I couldn't find if anyone replied, it was a busy day that day... Gonna go look again to see what I missed.

Posted by: Tdeezy at October 7, 2009 11:31 AM

I am shocked at the price of 373 Grand Ave., especially given the income limitations.

Posted by: kensingtonka at October 7, 2009 12:40 PM

I saw the carriage house last weekend - not surprised it didn't sell. I didn't see the mechanicals, but the interior is a disaster. Most of the ground floor is still a commercial garage / workspace, and the rest is piled high with junk. The upstairs is not much better - and equally piled with junk; not to mention lots of water damage on the ceiling. It looks like no one has actually lived there for a long time. That being said, you could still imagine what it could be. According to propertyshark, the building footprint is 25x75 - so certainly not "small." Hicks St, though, is quite a busy thoroughfare - a high-traffic BQE alternative for people heading to the Brooklyn Bridge. It's in desperate need of speed bumps.

Posted by: krhaller at October 7, 2009 12:58 PM

That stretch of Hicks is not a high-traffic alternative to the BQE. Hicks in only like that on the other side of Atlantic.

Posted by: Carol Gardens at October 7, 2009 1:04 PM

agreed with Minard though
I mean why start the auction at 2million , who decides that? the bank, the previous owner, city agency?

Posted by: gemini10 at October 7, 2009 1:59 PM

I was at the auction and 373 Grand sold for 160K...unless something happenend to the first bidder that you have inside info on.

Posted by: cillmylandlord_again at October 7, 2009 8:41 PM

373 Grand sold for 160k. The second highest bidder actually was the winning bid in an earlier public administrator auction for the same property. He was rejected by the Coop Board.

418 Macon was a nice property. I was pulling for the neighborhood resident to win the bid. He backed off at 535K. Unfortunately, one of the Out of Neighborhood Investors (looked like a Quality Homes or Better Homes type person) won the bid. What a shame.

The owner of the house Dave Walker was murdered in the house last year. That is why is looked like a renovation job stopped mid stream. He was a local entreprenuer who owned a couple of properties and retired as a correction officer. The killer was eventually caught.

Posted by: Oldlady at October 7, 2009 10:46 PM

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