The first developer blowout auction came to New York City earlier this month, when five Greenpoint condos flew off the block for prices in the $200,000s and $300,000s. Yesterday saw another auction "first," the first luxury condo auctions in the Bronx's Riverdale neighborhood. (And yes, we predict that the "firsts" will become increasingly far-fetched as developers try to draw bidding crowds.)
Fifty-four apartments at the Solaria (a former Development Du Jour) went up for auction, most with original asking prices of more than $1 million, according to broker-blogger Malcolm Carter. The winning bids averaged 35 to 45 percent below list prices, but, the developers said, were within 5 to 10 percent of the current going rates for the neighborhood.