Industry NewsTechnology

Manhattan real estate hits auction block

BidOnTheCity seeks to create urgency in slowing market

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Take a deep real estate technology dive, Aug 7, 2017 aims to stimulate Manhattan real estate sales with a high-tech system for global online auctions that features a 30-day marketing timeline and a 30-minute bidding window. Albert Feinstein and Vlad Sapozhnikov, executives for New York Business Group, a real estate brokerage firm, contracted with, a real estate data company, to build the bidding engine for the new company. After two years in development, will host the first live auction on May 14 -- the platform integrates in-person bidding at the company's Manhattan office with bids placed online or by phone. The company, which charges a 3 percent commission fee to both the buyer and seller, does not directly represent sellers or buyers in the transaction. "Broker services are definitely not required for this particular transaction -- that was the whole idea for BidOnTheCity," said Feinstein, who has worked in real estate for more than a decade. Feinstein said he an...