Auction.com has sold of 100-percent of the outstanding shares of 417 E. 60 Owners Corp., a cooperative housing corporation that owns a 25-unit walk-up multifamily building in New York City’s Upper East Side, for $15,172,500. A local NYC investor was the winning bidder of the property, located at 417 East 60th Street.
Pierre Bonan, a vice president out of Auction.com’s New York office, teamed with NYC-based Bloom Real Estate Group to represent the seller.
“Auction.com is able to bring unprecedented reach and access to these types of high quality assets, generating interest from both local and international investors,” said Auction.com Commercial Real Estate Division General Manager Gordon Smith. “While the investor who purchased 417 East 60th Street happened to be an NYC local, 50 percent of the buyers on our platform come from out of state.”
Auction.com’s online commercial real estate auctions are pre-scheduled and typically last two days. The entire process, including marketing, due diligence, the auction sale, and close of escrow, takes about 90 days from start to finish. Approximately 90-percent of sales conducted on the Auction.com platform close escrow within 30 days.
The 12,500-square-foot, six-story property was built in 1910 and renovated in 1991. It was 100-percent occupied upon selling and comprises 21 one-bedroom units and four two-bedroom units.