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The last 26 units at the New Amsterdam condo, seen here under construction in 2008, sold at auction on Sun., Feb. 13.
What hadn’t happened over the last three years only took a little over an hour Sun., Feb. 13 as the remaining 26 units at the New Amsterdam condominium next to Highbridge Park sold at an auction attended by over 200 people. Compared to the original asking prices, buyers got bargains. The first bidder paid $473,000 for a four-bed, two-and-a-half bath, duplex penthouse with balcony that in 2008 was priced at $838,750. The day’s low price was $211,000 for a one-bedroom unit. Both prices include an additional 10 percent premium.
The New Amsterdam, located at Amsterdam Avenue and W. 177th Street, was the first luxury condominium built in that area of Washington Heights in recent years. It had the misfortune to hit the market just before the financial markets collapsed, scuttling several deals that had been made. Before the auction, the building had sold three units.
Real estate auctions have been rare occurrences in New York City in recent years and none have been as big as the one Feb. 13. Last year six units in a Madison Avenue luxury condominium were put up for auction. After bidding was complete on the New Amsterdam, Sheldon & Good Company, which oversaw the auction, conducted one for new condo units at a property on the border of Astoria and Long Island City in Queens.
The developer of the New Amsterdam, Jose Espinal, said before the auction that he was a little nervous but mostly excited that all the units would finally sell. He said putting the condo up for auction had generated new interest in it, with about 800 people attending open houses.
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