Buying and selling real estate in the communities of Long Island
Sellers to try to auction off Kings Point property
A unique parcel of land located in Kings Point is going on auction Wednesday night.
The 40,000-square-foot waterfront property features a 400-foot driveway that leads to a 3,700-square-foot seven-bedroom, 2.5-bath Contemporary-style home resting on a half peninsula with 395 feet of frontage on Manhasset Bay. There is a 14-foot elevation and an additional 20,000 square feet of usable shoreline.
“Property of this caliber with spectacular views and on a half peninsula on the North Shore is extremely rare,” says Richard Maltz, the vice president of the real estate auction division at David R. Maltz & Co., Inc., a full-service auction company serving the New York metropolitan region. “The highest and best use of this property is for new construction up to 8,000 square feet.”
The home, which was previously listed for $5 million, will have an opening bid of $2.1 million. “It will not sell for anything less,” says Maltz. “The nature of an auction is that you never know who will turn out and who the competition will be. It is a proactive way to sell by creating excitement and an urgency of your property.”
His hopes to see the property move at the auction. “Ninety-six percent of what we auction gets sold,” he says.
He says he hopes to see a handful of registered bidders attend. All that is needed, he says, is a $210,000 cashiers check to qualify to bid.
“What is nice about an all-cash sale is that sense of certainty and finality,” he says.
The auction, which is open to the public, will be at 6 p.m. in the Inn at Great Neck, 30 Cutter Mill Rd. Registration for bidders is at 6:30 p.m.; the auction starts at 7 p.m.