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Bargain Hunters Can Save a Ton on Upper East Side Apartments Through Online Auction

By DNAinfo Staff on August 26, 2010 5:21pm  | Updated on August 27, 2010 6:16am

By Gabriela Resto-Montero

DNAinfo Reporter/Producer

UPPER EAST SIDE — Bargain hunters looking to buy a home in one of Manhattan's most exclusive districts can save hundreds of thousands of dollars through an online auction where bidding starts at $1.

Two studio apartments on the Upper East Side are being auctioned off Sept. 21 by online realtor Bid on the City. For the price of a lottery ticket, potential bidders can get in on the action with a chance to hit a housing savings jackpot.

"The bidding auction is a way to get maximum interest in the property," said Albert Feinstein, 35, a founder of the website.

Previous winning bids for Upper East Side apartments have come in well under the listed price, said Kelly Kreth, a spokeswoman for the company.

In one instance, an East 74th Street apartment listed for $595,000 received a winning bid of $375,000, Kreth said.

Prospective buyers can go online to check out the properties, none of which are under foreclosure, or stop by open houses before registering for the auction.

Once the bidding starts, sellers receive a winning offer within 10 minutes, Feinstein said.

"It's useful that way," he said of the streamlined buying process.

The two apartments up for grabs on the Upper East Side reflect what Feinstein said are the best selling items in the neighborhood — tiny apartments for young professionals.

The properties include a 400-square foot studio at 1420 York Ave., at East 76th Street, listed for $445,000, and a slightly bigger 500-square foot studio at 505 East 82nd St. listed for $295,000.

If the winning bid falls below the reserve sale price of the apartment, owners can decide to negotiate, Feinstein said.

So far, about 50 percent of the homeowners who put their properties up for auction have successfully sold them, he said.