Bid on the City
| Company type | Private |
|---|---|
| Industry | Real estate, Online auctions |
| Founded | April 2009 |
| Founder | Albert Feinstein, Vlad Sapozhnikov |
| Headquarters | New York City , United States |
Area served | New York City, Westchester, Hamptons, Florida, London, Moscow |
Key people | Rita Yanovitsky (Licensed Auctioneer) |
| Products | Live online real estate auctions with real-time video and audio streaming |
| Website | bidonthecity |
Bid on the City Overview
Bid on the City (BidOnTheCity.com), which debuted in New York City in April 2009, stands as the pioneering live online real estate auction platform to incorporate real-time video and audio streaming. The concept was inspired by Rita Yanovitsky, a Licensed Auctioneer. The company was established by Albert Feinstein and Vlad Sapozhnikov, backed by an initial capital exceeding $3,000,000. Presently, its operations extend across New York City, Westchester, the Hamptons, Florida, London, England, and Moscow (Russia).
Bid on the City facilitates live bidding online, providing audio and video feeds for each auction event, enabling participants to place bids both through the website and mobile devices.
The platform launched in May 2009 featuring properties from Manhattan, with media outlets like CNBC likening it to an eBay for Manhattan real estate. The inaugural live online auction for Manhattan properties took place on May 25 of that year. By March 2010, the company introduced seasonal rentals in the Hamptons using "Dutch" or reverse auction formats. A specialized system was developed to allow bidding via mobile phones alongside online access. Additionally, auctions were broadcast live on Plum TV in the Hamptons. In May 2010, Bid on the City expanded its presence to Westchester, New York. Among its early listings was a 7,223-square-foot (671.0 m2) residence in Chappaqua, which attracted interest from notable figures including former President Bill and former Secretary of State Hillary Clinton, as well as Hollywood celebrities such as Ben Stiller.
In November 2010, the company extended its reach into Russia by adopting the "Dutch" auction approach. Its equity partner there is media giant RBC, predominantly owned by Russian billionaire Mikhail Prokhorov, who had recently acquired the New Jersey Nets. The first live Russian property auction was conducted on December 11, 2010 at 226 Fifth Avenue. That event resulted in real estate sales exceeding $6,600,000.
The website launched its Miami, Florida division in April 2011, further broadening its geographic footprint.