Thursday, August 17, 2023

The Outcome of the Auction

Two City-owned properties--10-12 Warren Street and 429 Warren Street--were auctioned this afternoon, and, if the results are approved by the Common Council, the City gained a little over a $1 million from the sales. The auction was conducted by city attorney Andy Howard, and, in addition to Council president Tom DePietro and Gossips, there were eighteen people in attendance, six of whom made a least one bid.

The opening bid for 10-12 Warren Street, cast by Alex Freedman, one of the principals in the restoration of 223-225 Allen Street and 205-207 Warren Street, was $100,000. The bidding went on, with painstaking increases of $10,000 and $5,000, until the final bid of $635,000 was cast. The winning bid was made on behalf of Benjamin Rinzler, the owner of the Hudson Whaler, the hotel at 542 Warren Street, and the Hudson Mariner, the guest house at 26 Warren Street. The winning bid of $635,000 is $260,000 less than the appraised value of the building, which was $895,000.

The opening bid for 429 Warren Street was also $100,000, cast by Steven DiLorenzo. Again, the price went up by tediously small increments--with the principal bidders being DiLorenzo and Freedman. The winning bid of $485,000 was cast by DiLorenzo. The appraised value of the building was $595,000, $110,000 more than the winning bid.


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