High Bids Total $2.9 Million In Channel Auction
Buyers snatched up every Broad Channel lot that went on the city’s auction block last week and the high bids total more than $2.9 million for the 12 parcels. That’s not too shabby considering the average size is less than 4,000 square feet and building on them could be highly restricted, experts say.
The smallest parcels, an irregular lot measuring just 144 square feet and a 250 square foot interior lot went for $6,500 and $4,000 respectively. In several cases, people living adjacent to the small vacant lots bid on them so they could determine what, if anything, will be done with them.
The highest bid – $990,000 – was registered for the vacant 22,425 square foot lot on the east side of Cross Bay Boulevard, about 150 feet north of E. 20 Road, where Harvey’s food stand once operated. The second highest bid, of $520,000, was for an irregular 16,590 square foot lot on the west side of Cross Bay Boulevard, about 170 feet south of W. 4 Road. Both parcels are zoned R3-2 – allowing residences of all kinds and/or community centers, but the $520,000 parcel will be subject to strict regulations because it is within a tidal wetland area.
The auction brochure description of every property up for grabs warns that, “All or part of this parcel may be part of a tidal wetland or a tidal wetland adjacent area. Tidal wetlands and tidal wetland adjacent areas are regulated under New York State law by the New York State Department of Environmental Conservation… up to 150 feet landward of the most landward boundary of a mapped tidal wetland.”
The city’s Department of Citywide Administrative Services, which conducted the auction at the Jacob K. Javits Convention Center in Manhattan, released the high bids figures to The Wave this week but stressed that the ownership of the properties has not yet been transferred and withheld the names of the bidders.
The winning bidders had to make immediate payments of 20 percent of the purchase price, or pay the minimum cash requirement, whichever was higher. Bidders now have 45 days to pay in full for any property costing less than $20,001 or to secure a mortgage for the properties that sold for higher amounts.