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Chelsea Condo Going Dutch ... Auction, That Is!

Hyped real estate auction website Bid on the City has another auction planned for April 27, and among the many ways they invite bidders to spend money is what they're calling "the first ever 'Dutch' auction for a Manhattan property." (The company recently held a similar-style auction in the Hamptons.) The Dutch auction guinea pig is a studio in West Chelsea's newish 555 West 23rd Street, which was perhaps eager to try again after some earlier success with Bid on the City. Under the rules of the reverse auction, bidding will start at $525,000 and go down until someone agrees to the price. This particular apartment last sold for $504,000 in 2006, so it seems pretty likely that, if the price can only go down, it'll sell for less this time around.
· 555 West 23rd Street N10C [BoTC]
· 555 West 23rd Street coverage [Curbed]
· Bid on the City coverage [Curbed]