Lillian Norcross found a studio apartment in Gramercy Park after it had languished on the market for over 100 days. Although it needed updating, it was affordable and situated in a desirable building. After her offer was accepted, a competing bid emerged, leading to an unexpected bidding war. This situation reflects a wider trend where properties that had received little initial interest suddenly attract multiple offers, showcasing a resurgence of bidding wars in the NYC real estate market during early 2023.
By the time Lillian Norcross saw the studio apartment in Gramercy Park, it had already been on the market for more than 100 days.
It generated some early offers, but nothing panned out. Then, in January, multiple offers came in, setting off a bidding war and a sale over the asking price.
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