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Below-Market Lenox Hill Condo Heads to the Auction Block

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Some good deals are afoot at the city's next Manhattan property auction, scheduled for March 21. At the first big public auction in nine months, there's a four-room unit in an amenity-filled highrise, Bridge Tower Place, at 401 East 60th Street up for grabs, with a minimum bid of $1.2 million, reports Malcolm Carter. According to Carter, active listings in the building average $1,488 per square foot. So given the condo's 1,130 square feet, the starting price at auction is more than $400,000 below market rate.

The 12 other properties on the block are more affordable. (Many have income caps for tenants, and these steals have proven to be quite popular among bidders.) They range from a three-room condo at 725 Riverside Drive (starting at $245,000) to a studio at 32-34 East 2nd Street, which has a minimum bid of just $55,000. Click through to Carter's roundup for the other properties up for bids later this month.

· Condo in luxe high-rise heads to city's auction [Malcolm Carter]
· Auctions coverage [Curbed]
?Photo of Bridge Tower Place via Property Shark