Highly Interesting Foreclosure Auctions Scheduled for Tomorrow at New York County Courthouse

18 East 68th Street
18 East 68th Street – Sloane Mansion

The most expensive New York City residence ever that reached the final stage of the foreclosure process is scheduled for auction tomorrow. The property,  located at 18 East 68th Street, is also known as the Sloane Mansion. It was named after Henry T. Sloane, a wealthy carpet manufacturer. The lien amount is $28,214,059.

The property is currently classified as an elevator apartment building. However, it was recently listed on the market and advertised as a potential single-family conversion. The current asking price is $37.9 million, but it was listed for as much as $64 million a couple of years ago.

The property has 18,267 square feet and if it was to be converted to a single-family home it would make the top five of Manhattan’s largest homes.

Another interesting foreclosure case scheduled for tomorrow is the auctioning of four adjacent apartment buildings located in Harlem, on 111 West Street. The lien amount exceeds $12 million.

The properties seem to be (not confirmed, though) the very same mentioned in a 2008 NY Times article covering a real estate fraud scheme in Harlem. According to the article Henry Vargas, the son of established Harlem landlord Victor Vargas took out an $8.5 million mortgage on several buildings on West 111th Street without telling his father. Victor Vargas was forced to file for bankruptcy in order to protect his assets. Court files indicate that the motion was denied.

According to the auction note, the four properties will be sold to the highest bidder either individually or in bulk.

136 West 111th Street | 148 West 111th Street
136 West 111th Street | 148 West 111th Street

To view further details about the above mentioned foreclosure auctions please refer to our New York City foreclosure listings page.