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Three-part auction includes Park Ave. condo.

Three-part auction includes Park Ave. condo

In an unprecedented sales event highlighted by what is believed to be the first auction of a fashionable Park Avenue condominium apartment, Properties At Auction has announced plans for a marathon triple auction on Thursday, Sept. 26, that will feature a smorgasbord of residential and commercial properties.

The unusual menu for the event, which will take place at a midtown Manhattan hotel, will include two luxury condominium apartments, nearly 40 co-op apartments of varying descriptions, and nine diverse commercial properties ranging from a former Brooklyn hotel to a number of net leased garages.

Despite the unusual variety of real estate being offered, bidders at the event are expected to focus considerable attention on the 1,300-square foot, two-bedroom, two bath condominium at 900 Park Avenue on 79th Street. Located in one of only seven residential condominium buildings on Park Avenue, it was previously listed for $900,000. The suggested opening bid for the now vacant apartment, which is owned by a Swiss fiduciary, is $400,000.

The Park Avenue condominium will highlight the day's second auction, which will also feature a studio condominium at The Palladin at 200 East 62nd Street, now owned by a New York bank.

Prior to the condominium sale, Properties at Auction will sell nine commercial properties, including The Granada Hotel in the heart of the Brooklyn redevelopment adjacent to Atlantic Center and opposite the Brooklyn Academy of Music. Once one of Brooklyn's largest hotels, The Granada was appraised in 1989 for $12.7 million. The suggested opening bid is $1 million. It will be auctioned along with eight commercial properties in Manhattan, including net leased garages, commercial buildings on lower Fifth Avenue and Broadway, and three large condominium stores.

Properties at Auction will end the day with the sale of 38 Manhattan cooperative apartments, the vast majority of which are owned by three major New York banks. The apartments range from swank addresses on Central Park South, Central Park West, East 61st Street and East 59th Street to more affordable areas such as the West 20's, the West 40's and the East 90's; at least two apartments will not require a minimum opening bid.

"Based on prior experience, some of these apartments may go for as little as $15,000, while others will sell in excess of $200,000," said E. Rene Frank, president of Properties At Auction.

For additional information on the three-part auction, Properties At Auction can be reached at (212) 319-8550.
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Copyright 1991, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

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Publication:Real Estate Weekly
Date:Sep 11, 1991
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