A two-story condominium with 1,500 sf of outdoor living area and direct water views is headed for sale via luxury auction. The property, located in Midtown Manhattan’s desirable Beekman neighborhood and fronting the East River, was initially asking $13 million. It will now be offered at a live auction held on the property site on May 17th, and will be sold to the highest bidder who meets or exceeds the auction’s $4 million reserve. Miami-based luxury real estate auction house Platinum Luxury Auctions – a firm that specializes in the non-distressed auction sale of multimillion-dollar properties – was retained by the property owner to manage the sale. Platinum is also a licensed New York real estate brokerage.
Trayor Lesnock, President and Founder of Platinum, stated the property owner has never lived in the unit since completely renovating it in 2015. That renovation earned the property an award for “excellence in interior design” from the Society of American Registered Architects. “While the unit was more of an investment project for the seller, it was undertaken as if his own family was going to live there full-time,” Lesnock said.
To be sure, the 3,700-sf unit offers 3 beds and 4.5 baths and an impressive roster of features and finishes, such as a chef’s kitchen equipped with Miele and Gagganeau appliances, 6-inch white oak flooring, fireplaces with Bardiglio marble accents, mahogany millwork, Carrara marble baths with radiant heating and multiple NanaWall glass doors that open to the unit’s incredible, 1,500-sf terrace with two levels of outdoor living area and direct water views. It is one of only 6 units at the 25 Beekman Place building.
The upper and lower terraces are done in 24×24 granite pavers and emerald pearl granite capstones. On the upper level, direct views of the East River can be enjoyed from the dining or lounge seating areas. The lower terrace features a rock garden, “water-wall” feature clad in natural stone, a “putting green,” lounge seating and a fully-equipped outdoor kitchen with refrigerator and storage.
While the auction may be considered a sign of the times for New York City’s evolving real estate market, the sale is simply business as usual according to Platinum. “While the city’s real estate market has recently provided more opportunities for buyers, the timing of this sale is largely coincidental,” said Lesnock. “We’ve been speaking with this seller for two years, and he’s now ready to move on from the property.”
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The timing of the sale does carry significance for another reason, however. The transaction will occur before New York’s new property tax hikes go into effect. On July 1st, both the “mansion tax” and the state transfer tax will be increased. Those increases will not apply to the luxury auction sale.
More information on the upcoming sale can be found online at NewYorkLuxuryAuction.com. Buyers may also contact Platinum’s project manager Chase Boruff at 800.674.2997. Previews of the property are being held daily and by appointment, between the hours of 11am and 6pm local time, until auction day.
Platinum is also conducting a number of luxury auctions just outside of the city. On May 18th, the firm will offer a large home in Far Hills, NJ, followed by a waterside estate in Woodstock, NY on June 1st.