For cash buyers interested in acquiring a Grand Street co-op apartment at a price potentially below market rate, a public auction next week offers two opportunities.
A one-bedroom on the 10th floor of 570 Grand St. in East River Co-op with a balcony and Williamsburg Bridge views starts with a minimum bid of $400,000.
A one-bedroom on the sixth floor of 210 E. Broadway in Seward Park Co-op with city park views, starts with a minimum bid of $370,000.
The properties are part of estates being liquidated by the New York County Public Administrator’s office, which is responsible for disposing of assets of deceased residents who did not specify anyone to handle their affairs.
The apartments are available for viewing Monday through Wednesday of next week, from 11 a.m. to 2 p.m. each day. The sale will take place Thursday, Dec. 8, at 11:30 a.m. at 31 Chambers St. The sale terms are the same for both apartments: bidders must bring a certified or bank check made payable to the Public Administrator of New York County in the amount of 10 percent of the minimum bid price ($40,000 and $37,000, respectively). The apartments are sold “as is” and no mortgage contingency clauses are accepted. Successful bidders must then be approved by the co-op’s board, under the same process as buyers on the open market.
Apartment #H1004 at 570 Grand St. is 734 square feet and belongs to the estate of Ethel Mack. It has been updated since East River was built in the 1950s, though it still has the original parquet wood floors. The kitchen and bathroom are reasonably modern and there’s a nice balcony overlooking the East River and the Williamsburg Bridge. The maintenance is $850/month and there’s an additional monthly fuel charge of $35. This apartment was offered for sale at an earlier public auction with a higher minimum bid of $450,000, but drew no bidders.
Apartment #H604 at 210 E. Broadway is 592 square feet and belongs to the estate of Beatrice Linton. It remains in original condition from the early days of the Seward Park Co-op: the enamel-topped sink and enormous stove that came with the apartments are still in the kitchen, and the parquet floors are in need of some TLC. But the living room offers uptown and courtyard views, while Seward Park’s trees and playgrounds and the downtown skyline are seen from the kitchen and bedroom.
The maintenance is $475/month, and there’s an additional monthly assessment of $27.
