NYC Real Estate Public Auction - How the Auction Works

The auction is open to the public, and no pre-registration is required. Plan to arrive early to pass through security. You will be required to pass through a magnetometer when entering the auction venue and your bags and packages may be checked.

An information table with auction representatives will be located close to the entrance, should you have any questions on auction day. Once inside, please take a seat. You do not need to sign in or complete any forms. This is an open, public auction.

On stage you will see a podium where the auctioneer stands. Auction staff will be seated at tables in front of the stage. The auctioneer will start the auction with parcel #1. He will ask for bids from the floor at the minimum upset price. He cannot accept bids lower than that price. If you are interested in bidding, raise your hand and shout out your bid price to the auctioneer. Once you begin bidding, a member of the auctioneer's staff will come to assist you. The auctioneer will let you know what increments of bid price he will accept. The bidding will continue as the auctioneer acknowledges higher and higher bids until there is only one bidder remaining. The auctioneer will then stop the bidding and declare that the property has been sold at the price of the last bid received. If you are the highest bidder, you will immediately be escorted to a table at the front of the room and asked to produce the auction deposit and identification. If you don't have the auction deposit requirement in the required form immediately after the bid, your bid will be rejected and the property will be re-offered. It is very important that you are prepared to provide the auction deposit at the auction immediately after the bid. To complete the transaction, you will need to pay the auction deposit and complete a Memorandum of Sale.

If you bid on a parcel but were not the winning bidder, you should not leave the auction venue until the auctioneer announces that the sale has been verified. If the high bidder does not have the proper payment or identification, the parcel will be re-offered and you will have another chance to bid.

Successful bidders must have two forms of identification, at least one of which must be a photo I.D. Successful bidders must have the auction deposit due at the time of sale. If you are the high bidder for one property and you wish to bid on another property, please let your usher know immediately. We have a procedure to assist you.

After the auction deposit has been verified at the table in front of the stage, you will be escorted by auction staff to an area where you will make your payment and sign the Memorandum of Sale. This auction deposit can be in the form of official bank check, certified check, cash, bank money order, postal money order.

After you have made the payment, you will sign a Memorandum of Sale and be informed of the post-auction process. In addition, you will be required to pay an auctioneer fee.The fee schedule is detailed in the brochure.

If the City withdraws any property from the auction, it will be shown on parcel boards posted by the front entrance and near the stage. You may also check Auction Updates for the parcel withdrawal list and other auction updates.