When the auction gavel isn't final

From The Real Deal

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NEW YORK — When is an auction of residential real estate not really a sale to the highest bidder? The answer, it turns out, is: far more often than you might think.

With the high-profile auctions of luxury condos at the Locale in Greenpoint (Brooklyn) and Solaria in Riverdale (Bronx) in recent months, plus upstart auction firm Bid on the City’s $1 starting bid sale in February in Manhattan, auction fever has been sweeping New York.