New York City DCAS to hold public auction of city-owned property on May 10th

On Thursday, May 10, the New York City Department of Citywide Administrative Services (DCAS) will hold a public real estate auction of city-owned property located throughout the city. The auction, which starts at 10 a.m., will be held at the former Emigrant Savings Bank Building located at 49-51 Chambers Street in Manhattan. This will be DCAS' first real estate auction in nearly six years. The city's public real estate auction offers potential bidders the opportunity, among other uses, to purchase a site for a new home, secure a space to establish a business, or find a development opportunity. Most of the properties are vacant lots. Purchasers of city-owned property are required to provide a deposit of 20% of the purchase price on the day of the auction. The balance payment of 80% will be due by June 2. The city will not offer purchase money mortgages or any other payment plans. "This is an exciting opportunity for the public to own a piece of New York and for the city to raise revenue by putting lots back on the tax rolls," said DCAS commissioner Edna Wells Handy. "The auction not only allows city residents to buy property, but there is also opportunity for local business owners to purchase and develop land." A Pre-Auction Seminar will be held at 49-51 Chambers St., Manhattan, on Thursday, May 3rd, beginning at 6 p.m., for those who have never bid at a city auction or who may have questions. Information and free copies of the auction brochure are now available. Visit the DCAS website at nyc.gov/dcas to download a copy. Potential bidders without access to computers can call 311 or (212) NEW-YORK (outside the city); or go to the DCAS/Asset Management office in the Manhattan Municipal Building at One Centre St., 20th Floor South.