Foreclosure of the Week: LEED Gold Condo Unit Heads to Auction Again

1,190-square-foot condo in LEED Gold-certified high-rise goes to auction on September 26, with a lien in excess of $1 million. The auction will take place at 2:15 PM at 60 Center Street, New York City.

With only 26 properties up for auction in Q2 2018, Manhattan foreclosures are a rare sight, especially with numbers trending downwards. In fact, foreclosures here registered a 28% drop both quarter-over-quarter and year-over-year. One of these rare foreclosures can be found at 30 Little West Street in Battery Park City.

Unit 7G, a 1,190-square-foot condo, was purchased in 2006 for $942,500 with a mortgage of equal value tied to the property on the same date. That original mortgage, secured through Walls Fargo Bank, was joined by a $109,000 mortgage secured through HSBC Mortgage Corporation USA just a few months later.

A lis pendens was first filed against the property in 2013 by Bank of America for the amount of $754,000. It was renewed in 2017 and remains active, thus leading to the property’s foreclosure. The foreclosure judgement was handed down in January for a lien of $1,071,878. Set to go on the auction block on September 26, the condo was previously scheduled for auction in March 2018.

A Comps search shows the estimated market value of this property at around $1.28 million. The 2-bedroom condo is part of the LEED Gold-certified Millennium Tower Residences, a collection of luxury condominium boasting views of the Hudson River, a rooftop solar array and hotel-grade amenities including 24-hour concierge service, a landscaped rooftop garden, valet parking and a state-of-the-art fitness center. A similarly-sized unit is currently on the market for $1.78 million, while another one is listed with a $1.85 million asking price.

Disclaimer: As with any auction, we recommend performing thorough due diligence and running your own comps to find out how much the property is worth. Information provided in this article is not, and should not be regarded as investment advice.

Eliza Theiss

Eliza Theiss

Eliza Theiss is a senior writer reporting real estate trends in the US. Her work has been cited by CBS News, Curbed, The Los Angeles Times, and Forbes among others. With an academic background in journalism, Eliza has been covering real estate since 2012. Before joining PropertyShark, Eliza was an associate editor at Multi-Housing News and Commercial Property Executive. Eliza writes for both PropertyShark and CommercialEdge. Reach her at [email protected]

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