When the auction gavel isn't final

From The Real Deal

EMBRACE. FOCUS. EXECUTE. Build your 2019 roadmap to success with 4,000+ real estate leaders.
Inman Connect New York | January 29 - February 1, 2019

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.