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Bidding to Start at $2.5M for Downtown Ritz-Carlton Condo

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Auctions of luxury homes in New York City are a rare breed, but on April 6, the Ritz-Carlton in Battery Park will put a three-bedroom, 29th floor condo on the auction block. Sheldon Good Luxury Residences will handle the sale, according to a press release, and bidding will start at $2.5 million. The 1,944-square-foot unit has master suite with a cedar walk-in closet and five-fixture marble bathroom, plus the owners will access to all of the hotel's amenities. The current owner had used the unit as a primary residence, but the Observer and Crain's report that a portion of the owner's assets are now being liquidated to meet financial and legal obligations within a certain time frame; thus, the auction, since it will allow the unit to sell in just a few weeks. As for price expectations, many bidders go to auctions looking for a deal, but John Cuticelli, chairman at Sheldon Good, said an auction is "clearly a price-maximization technique" that will yield "the definition of fair market price."

· Ritz Condo Auction [Sheldon Good]
· Ritz Carlton Battery Park coverage [Curbed]
· On the Auction Block archives [Curbed]