Foreclosure Auction Averted in Top Fifth Avenue Building

875 5th Avenue NY
875 Fifth Avenue New York

Only few days ago the reported foreclosure of a Park Avenue apartment owned by embattled developer Kent Swig made headlines all over the New York media. It was the fact that foreclosures are happening in Manhattan’s most desirable buildings that shocked many.

Now it looks like an apartment in another top building in one of Manhattan’s premium stretches, Fifth Avenue along Central Park on the Upper East Side, is scheduled for auction. The auction is scheduled for July 15th and the lien amount is just below $1,175,000.

The auction might not take place, though. The apartment was listed for sale a year ago for an asking price of $2,595,000, and it seems like it has found a buyer just in time. The listing is labeled as having the “contract signed” on the brokerage company website that marketed the apartment. A recently filed UCC1 filing on the apartment confirms that a buyer has been found.

This is only the second time an apartment has been scheduled for auction on the prestigious Upper East Side stretch of Fifth Avenue since PropertyShark started to provide foreclosure listings in New York City.