PropertyShark Staff 
Timeshare foreclosures usually go by almost unnoticed, as their complicated ownership structure can make them less desirable for real estate investors. However, the stunningly high occurrence of scheduled timeshare foreclosure auctions at 1335 Avenue of the Americas caught our attention.
Hilton Club is the name under which Hilton Hotels started to sell timeshares on two converted floors in their flagship hotel Hilton New York at 1335 Avenue of the Americas, according to the NY Times.
Since 2007, 162 lis pendens or pre-foreclosures have been filed in the building. No less than 65 foreclosure auctions have been scheduled, seven of them since the beginning of this year.
The pace of lis pendens filings hasn’t seemed to diminish, with 17 filings in February 2011 alone. It’s the month with the second highest number of filings for the building, after October 2007, when 23 lis pendens were filed.
Closed sale records* indicate that 48 of the scheduled foreclosure auctions have ended with Hilton Resorts Corporation claiming back the timeshares. None have been bought by an individual or investor.
However, despite the high volume of foreclosures, the losses for Hilton Hotels seem minimal at the moment. The aggregate lien amount of all foreclosure auctions scheduled in the building (the first of which was scheduled in September 2008) is only $1,623,628. That’s about the average sale price for an apartment in Midtown, the neighborhood where the hotel is located.
Note: we have analyzed recorded sales in the building that have been sold by a “Referee”. This will indicate, in almost all cases, a foreclosure sale.
