Foreclosure of the Week: Philip Starck Condo Goes to Auction with $241K Lien

A 430-square-foot condo located in East Midtown’s Gramercy Park is scheduled for auction on October 3, 2018 with a lien of $241,024. The auction is scheduled for 2:00 PM at 60 Center Street, New York City.

With a 13% drop in NYC lis pendens, and a 28% decrease in Manhattan foreclosures, a rare property is up for auction on October 3.  340 East 23rd Street #101  is among only 27 other current Manhattan foreclosures and was purchased in 2009 for $545,000 with a mortgage of $476,875. The original mortgage was secured through Wachovia Mortgage, FSB and no further title changes or mortgage liens have been recorded.

A lis pendens was first filed against the property in 2014 by the Board of Managers of the Gramercy Condominium in the amount of $46,206 and expired in 2017. An additional lis pendens was filed in 2016 by Wells Fargo NA for $381,500 and is still active until August 15, 2019. A second lis pendens by the Board of Managers of the Gramercy Condominium in the amount of $46,206 was filed in 2017. Set to expire in 2020, it represents a lien of common charges.  The auction was initially scheduled for March 3rd, 2018, but was postponed until October 3rd, 2018.

A Comps search of 340 East 23rd Street #101 puts the estimated value of the property at $567,500 based on a comparison to six similar units sold within half a mile radius.

340 East 23rd Street #101 is part of The Gramercy Starck. As suggested by its name, the 21-story tower was designed by acclaimed designer Phillipe Starck. The 230-foot tower is home to 207 units and amenities such as a library lounge, rooftop deck, and a resident’s gym. The tower’s interiors are signed by Philippe Starck, with additional extras including a roof deck and terrace, as well as doorman and concierge service.

If you are interested in this property, a great next step is to learn more about the PropertyShark’s foreclosure search function and our Comparable Sale Search tool.

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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