Luxury condo units at Riverdale's Solaria sell for discount at auction
The city’s struggling real estate market was on full view Sunday as a luxury condo developer put 54 homes up for auction to let buyers set the market.
More than 200 people were drawn to the Sheraton hotel in Midtown, where condos from the Solaria luxury high-rise in Riverdale were up for bid.
Michele Christon of Flushing, won the first unit for sale, a two bedroom, two bath with a balcony that was listed for $1.125 million. She got it for $790,000.
"It wasn't a bargain, but it was a good price and worked out for me," she said.
Other units sold for less: a one bedroom, one bath, listed at $660,000, sold for $415,000. On the higher end, a four bedroom, four and a half bath, listed at $3.85 million, sold for $1.7 million.
The auction company, Real Estate Disposition, said it wouldn’t have the full data — how many sales and at what prices — until tomorrow, but it was on pace to close a majority of the units.
"We hope that New York has taken today's auction as a learning experience,"
REDC President Jim Corum said. "It's a great, viable platform with which to move real estate."