City Real Estate Up For Auction

New York City auctioned off 32 borough-wide city properties on May 10.

Most of the properties are unused vacant lots. There were some buildings up for grabs. One such is located in the Classon Point area of the Bronx.

A Gravesend 50ft X 173ft irregularly-shaped lot at Avenue X and Boynton Place was available for the minimum upset price of $780K.

This auction was the first of this type in six years. If every property sold, it would have net the city $6.7M in profits, according to WNCY.org.

Buyers were required to put down at least 20 percent of the asking price.

So far no word has been released as to which properties were bought and which remain.

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