280 Hicks, Many Others, Fail to Sell at Auction
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…
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7. 300 Parkville Ave – withdrawn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15. 1427 35th St – withdrawn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
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!
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***
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.).
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.
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?
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.
Those studios are pretty small, but cheap too. Are they delivered vacant?
Some of you people saw the Macon St house. What was it like inside?? Any updated mechanicals???
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.