Rare condo auction in Manhattan

The News Leader

June 21, 2010 3:07:38 PM PDT
Now you can own a piece of the American dream for a fraction of the price. A rare condo auction is giving people the chance to buy a home in Manhattan.

M127 is a nine unit condo building on Madison Avenue with amazing views of the Empire State Building.

The apartment with the view is for sale, but Misha Haghani isn't selling apartments in the traditional way. He's been hired by the developer to auction them off, like a fine piece of art.

In 2008 when the developer finished the building, it sold 3 apartments. Six units have lingered, and now, the building is in foreclosure. This auction could quickly raise enough money to prevent that from happening.

On these apartments, the auction is absolute, meaning that there's no reserve and no turning back for the seller. The highest bidder gets the apartment.

Kami Ohebshalom works nearby and has bought property at auction before.

"Of course it's appealing," she said.

Auctions are more common in the boroughs, like the one at the Solaria in Riverdale last fall.

This technique hasn't been used by a developer in the Manhattan for decades. As the economy continues to stall an auction may be the right strategy.

LINK: m127auction.com