'Tis the season for auctions. Between the great Penthouse auction at One Hanson Place on Sunday and the cheapest Central Park West apartment money can buy, we're getting a little overwhelmed by the auction madness over here. Well, it just keeps on coming. The Real Deal is reporting that two East Harlem condos are going to be auctioned off in June, a total of 34 units with a combined value of $20 million with eight of the units having no minimum bid. Let's take a look at the two, shall we?
1.) The first is the Winfield at 231 East 111th Street. It's the smaller of the two buildings, with just 12 units. Listings here averaged about $586 per square foot, with a studio going for $325,00 all the way up to a two bedroom that was asking $650,000. Opening bids are going to start at $150,000.
2.) The second building is the Alto at 178 East 117th Street. This one is the bigger building, with 22 units and was a little more expensive with the listings averaging to about $604 per square foot. Prices here started at $650,000 and climbed all the way to $850,000. Bidding here is suggested to start at $249,000.
The president of Paramount Realty, the auction house in charge of the sales, is expecting all the units to be sold saying "There is limited competition for new product in this submarket; in fact this auction represents a very significant portion of the available new inventory in all of East Harlem."