The two-day auction of more than 140 Sandy-damaged properties on Long Island has brought in $22 million, partially recouping $38 million spent to acquire those properties, a state official said.
On day two of New York Rising's auction Wednesday, 61 properties in Suffolk County and one in Nassau were sold to home buyers, investors and contractors.
Eighty-one Nassau County properties were auctioned off Tuesday, although one of those sales fell through and the property wound up on the block again Wednesday. Seven Town of Brookhaven properties had been previously withdrawn from the auction, held by Manhattan-based Paramount Realty USA, for an environmental project, such as a buffer or park.Story81 vacant LI homes sell out in 3 hours at auction
NY Rising spokesman Barbara Brancaccio said the state has spent a total of about $89 million to acquire 226 Long Island properties, including those sold at the auction.
The state will now assess the results as these transactions move toward closings over the next 45 days, said Jon Kaiman, special adviser for storm recovery to Gov. Andrew M. Cuomo.
"Now we actually need to sell the properties, and close on them," Kaiman said. "Today was the beginning; we need to see how it plays out."
The state will determine if changes are needed in the auction process, and which of the remaining Long Island properties acquired by NY Rising -- and others acquired in the future -- will go to auction, he said. The next auction could occur in late 2015 or early 2016.
The auctioned properties were among 700 that the state has indicated it wants to make available to bidders.
Successful bidders paid up to $45,000 and signed contracts immediately, and must pay the full price within five days. The state can reject or negotiate bids that fell under the minimum bid. And properties that fail to get a certificate of occupancy within three years will revert to state ownership.
The first and highest bid of the day came from Lam Wong, of Brooklyn, who purchased a waterfront home in Sayville for $375,000. Wong's nephew, Eric Wong, of Queens, said the 3,300-square-foot high ranch would house members of both their families, who now live in Brooklyn and Queens.
Many buyers were experienced builders and contractors. Among them was Nick Leo, who paid $350,000 for a 15,000-square-foot parcel on the West Islip waterfront. "I'm looking to build a million-dollar home there," Leo said.
Chris Indrieri, a house lifter with his family construction firm, bought a waterfront home in Lindenhurst. "My wife is happier than I am -- she has the house she wants," he said.