Ritz-Carlton condo sells in rare auction for $3 Million

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Ritz auction

Update April 9, 2014– This unit sold for $2.96 Million.

March 12, 2014- Crain’s reports, “A condominium at the Ritz-Carlton New York, Battery Park will be hitting the auction block next month, marking one of the few times a luxury residence goes out to bid in New York City. “Luxury auctions have been extremely rare in this economic cycle,” said John Cuticelli, chairman at Sheldon Good Luxury Residences, which is handling the sale of the 29th floor residence at 2 West St., near the corner of One Place. For the seller, which in this case is a court-appointed receiver in the process of liquidating a portion of the current owner’s assets, the advantage of holding an auction is to not only get what Mr. Cuticelli called “the definition of far market price,” but getting it in a specified time frame. The property will be shown and sold just in a matter of weeks.”

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