New York City Real Estate - If Your Apartment Won't Sell, How About Auctioning It Off? -- New York Magazine

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Sold! Maybe.

(Photo: Courtesy of bidonthecity.com)

555 West 23rd Street, Apartment N10C
A 462-square-foot studio in a new building near the High Line, with a fitness center, outdoor space, and garage.

At the Auction
Pre-auction asking price: $595,000 (summer 2008)
Starting bid: $299,000
BidontheCity.com’s founders declare this auction “a success,” with 26 bids. It went for $494,000.

What the Experts Say
“The buyer didn’t get the steal of the century, but they got a good price,” says Demsker. Rosenblatt says the auction was a winner for two simple reasons: “Trendy location, low starting price.”