Storm-damaged LI properties to go up for auction
A view of Arctic Street and Shore Road Park in Lindenhurst on Oct. 6, 2016. The area was hit hard by superstorm Sandy in 2012. Credit: Kevin P. Coughlin
The state will auction off 31 storm-damaged Long Island properties on Thursday at the Hilton New York JFK Airport in Jamaica.
The last major auction by the state’s New York Rising Acquisition Program also will include 54 properties in New York City and three in upstate Schoharie and Tioga counties. Most are single-family homes.
In three previous auctions in 2015 and last year, the state sold 384 homes damaged by Sandy and other storms, generating $58.3 million to fund storm recovery efforts, officials said. The acquisition program was established in 2013 to purchase properties and resell them to buyers who will repair and elevate them.
Registration starts at 9 a.m. Bidding will begin at 10 a.m. Interested bidders must pay $50 to buy materials including appraisals, surveys, title reports, photographs, terms of sale, and a copy of the purchase and sale agreement that winning bidders will sign at the auction.
The Long Island properties to be auctioned had pre-storm values ranging from $250,000 to $1 million. Minimum bids range from $58,500 to $353,600.
More information is on the Paramount Realty USA website, www.prusa.com.
Maura McDermott covers education. Since joining Newsday in 2012, she also has worked on the investigations team and covered real estate and the business of health care.
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