The site of a 32-story residential tower on the Upper East Side is scheduled for auction tomorrow, August 5th, in one of the largest non-mortgage foreclosure auctions in years. The lien amount is $9,677,028.
The property, a former garage located at 1113 York Avenue was designed to host 173 rental units in a 32-story structure, according to the New York Department of Buildings. It was supposed to have been the second residential tower the developer would build in the area, alongside the already finalized 41-story rental at 421 East 60th Street.
The foreclosure proceedings started in February 2009, with a lis pendens filed as a result of several unresolved mechanic’s liens. The plaintiff is W&W Glass LLC.
It’s not often that a mechanic’s lien reaches the lis pendens stage. It is even more uncommon for one to reach the foreclosure stage, as financial issues are usually solved between the parties prior to scheduling an auction
The auction is scheduled to take place on Thursday at 1:00 PM.