National Auction Leader REDC Taps Development Professional Alex Abrams to Head Builder Division

NEW YORK, NY—Following the recent success of its first-ever auction for a luxury condominium development in New York City, California-based Real Estate Disposition, LLC (REDC), the nation’s largest and preeminent real estate auction company—which has auctioned an industry-leading 60,000 properties for $6.1 billion in the last two years—has tapped Alex Abrams, co-founder and principal of AS Realty Partners, a New York-based real estate development company specializing in multifamily residential condominiums, to become Executive Vice President of its ever-expanding Builder Division.
 
In his new role, Abrams will oversee a team of business development professionals across the country and help extend the reach of the company’s new construction and condominium auctions from its new Manhattan headquarters.  Prior to being named Executive Vice President, Abrams had served at the helm of business development for the Builder division for the entire Northeast region, recognizing New York in particular as a prime area of growth within the current real estate market.  A licensed attorney in New York, Abrams formerly served as a developer on a $70 million condominium development in Soho and a $30 million condominium on Hester Street.
 
“While luxury condominium real estate auctions are still gaining traction in the New York City marketplace, we felt this was an ideal time for us to ramp up our presence in the area,” said Jeffrey Frieden, CEO of REDC.  “Alex’s background and go-getter personality is exactly what we need to get developers excited about real estate auctions.”
 
The company’s recent New York-area developer auction, in which REDC was able to generate more than $17 million in sales for the Solaria condominium in Riverdale and received high-bid offers at 91% of the neighborhood’s current retail pricing on all 54 residences, has prompted Abrams’ numerous discussions with a number of developers who were influenced by the quick sales results and bidding levels, and are looking to auctions as a possible avenue to increase sales at their own properties.
 
“I am proud to head the company’s Builder division,” said Abrams.  “I’ve witnessed firsthand that the auction process can be the perfect solution for developers and owners in this market.  Even when our market does fully rebound, we’ll continue to see sellers using auctions in a way they haven’t in the past.”
 
REDC’s Builder division is one of the company’s major lines of business alongside the equally successful Foreclosed Home Auction division, Commercial Real Estate and Note Auction division and REDC Default Solutions, an asset valuation and short sale division.
 
REDC, headquartered in Irvine, California, is the global leader in real estate auctions. Since 1990, REDC has helped banks, developers and builders connect with consumers and investors. In 2008 and 2009 alone, REDC has auctioned in excess of 60,000 homes, commercial properties, and more, with auction sales in excess of $6.1 billion.