Chelsea Penthouse Is Up for Auction – Lien Amount $800K below Market Value

2,300-square-foot Chelsea penthouse in a modern condo building goes to auction on August 24, with a lien of $3.8M. The auction will take place at 2:15 PM at 60 Centre Street, Room 130, New York City.

Manhattan foreclosures are a rare bird, and penthouses up for auction even more so. One such uncommon case is that of Unit PH12G, located at the top of a modern condominium in lower Chelsea. The penthouse spans almost 2,300 square feet and was bought in 2004 for $2.2M by Doctor Glenn N. Ledesma, a dermatologist based in Beverly Hills, Ca. A Lis Pendens was first filed by Citibank in 2009, and renewed twice, for the sum of $2.7M. Meanwhile, the owner was arrested in 2015 for insurance fraud in his practice in California, so finally, last month, a date was set for auction.

A Comps search we ran on the property estimated a current market value of around $4.6M, significantly higher than the lien of $3.8M recorded in the legal notice. Furthermore, Halstead listed another penthouse in the building for $15,000 per month, while the most recently sold penthouse in the building, unit PHE, went for $4.3M in 2012.

The condo building is part of the Campiello Collection, a residential complex developed by El-Ad in 2001, counting 49 units, alongside amenities such as a fitness center, parking space and a private courtyard with a garden.

151 West 17th Street