Solaria to Be New York City's First Luxury High-Rise to Use Auction Process on November 22

NEW YORK, Nov. 9 /PRNewswire/ -- Arc Development announced the first luxury high-rise auction in the Tri-State area for its Solaria development located in Riverdale. It is believed to be the largest auction of luxury residences in the Northeast, with 54 units up for grabs.

(Photo: http://www.newscom.com/cgi-bin/prnh/20091109/NY07869 )

Scheduled for Sunday, November 22 at 1 p.m. at Manhattan's Sheraton New York, the auction will be conducted by Real Estate Disposition, LLC (REDC), which has auctioned an industry-leading 50,000 properties for $6 billion in the last two years.

"Everyone who visits Solaria loves what they see, from the spacious homes to the wonderful building amenities," says Joseph Korff, president of Arc Development. "We understand buyers are cautious in this current economic environment and this will give prospects a unique opportunity to purchase a luxury home at auction. It's our way of meeting the market. We believe this is an ideal time to buy, as experts are now saying that the New York City real estate market has stabilized and interest rates are at or near historic lows."

Solaria's spacious homes, which are currently listed from $660,000 to $4.35 million, will start auction bids as low as $299,000. Terrace and penthouse homes, some in excess of 3,000 square feet, are included in the auction.

According to REDC CEO Jeffrey Friedan, auctions now play a major role in real estate sales with ever-increasing numbers of developers, builders, and the public, making auctions the preferred choice over conventional, time-consuming and expensive sales methods.

"Consumers are just now beginning to understand how beneficial our auctions are," he says. "We are already seeing enormous interest in the Solaria auction. New Yorkers have been waiting for an event like this, the first of its kind in over a decade."

Solaria is the highest building in the area and offers unprecedented views of the Hudson River, Palisades and Midtown Manhattan. The unique development includes onsite parking; a state-of-the-art fitness center; 24-hour doorman and concierge; lounge and entertainment center; an indoor-outdoor children's play area designed and furnished by Pottery Barn Kids; and the city's first stargazing roof deck with telescope observatory.

Solaria's sales office is located at 640 West 237th Street in Riverdale. For information, please contact us at 800-617-0961 or visit www.AuctionToday.com.