NYC Real Estate Lease Auction - How the Auction Works

The auction is open to the public at 10:00 a.m., and no pre-registration is required. Plan to arrive early to pass through security. You will be required to pass through a magnetometer and your bags and packages may be checked when entering the building in which the auction is being held.

Once inside, please take a seat. If you are submitting a bid, there will be an agency representative located close to the entrance of the room where the auction is being held to accept the bid packet. The bid will be accepted and a time stamped receipt will be given to each bidder. This is a sealed bid auction. The bid packet must be sealed and presented in the manner stated in the Terms and Conditions.

All bids will be opened and read starting at 11:00 a.m. and the auction will be closed immediately after the bids are read. Bidders are not required to stay for the reading of the bids. Once the auction is closed, the highest bid will be examined to determine if the bidder meets all the qualifications set forth in the Terms and Conditions in the Lease Auction Brochure. The successful bidders will be determined after the auction and will be notified within a week.