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Archive for the tag 'nyc property auction'

The East 8th block where the home is located

Seems like the city is selling off all of their unused properties. After the city auctioned off several vacant lots, they plan on selling private homes next.

On May 22, The Kings County Public Administrator will hold the auction of 16 Brooklyn properties. These properties were owned by people who died without writing a will. The auction will be held at the Brooklyn Supreme Court at 380 Adams Street at 1 p.m.

The home at 2247 East 8th Street is going for $450K.

The properties have minimum bids ranging from $275,000 to $1.6 million, according to Malcolm Carter, Senior Vice President of Charles Rutenberg Realty.

The last time a real estate auction for private homes was held was in June of last year.

New York City auctioned off 32 borough-wide city properties on May 10.

Most of the properties are unused vacant lots. There were some buildings up for grabs. One such is located in the Classon Point area of the Bronx.

A Gravesend 50ft X 173ft irregularly-shaped lot at Avenue X and Boynton Place was available for the minimum upset price of $780K.

This auction was the first of this type in six years. If every property sold, it would have net the city $6.7M in profits, according to

Buyers were required to put down at least 20 percent of the asking price.

So far no word has been released as to which properties were bought and which remain.