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Foreclosure of the Week: Financial District Penthouse Up for Grabs at Auction

368-square-foot penthouse condo unit located in the Financial District goes to auction on October 10, with a lien of $451,098. The auction will take place at 2:15 PM at 60 Center Street, New York City.

One of only a handful of Manhattan foreclosures, 20 West St #PH-F was purchased in May 2007 for $465,000. The buyer took out two mortgages at the time of purchase, an acquisition for $372,000 and another for $46,450, for a total finance amount of $418,450. Both mortgages were secured through Washington Mutual Bank, FA and later assigned to U.S. Bank National Association.

A lis pendens was first filed against the property in 2012 by U.S. Bank NA for $418,450. It was renewed in 2018 and remains active, thus leading to the foreclosure of the property. The property is currently set to go to auction on October 10th. It was previously scheduled for auction in December 2017.

A Comps search shows the estimated market value of this property at around $525,000 determined by the sale price of five similar units in the area with nearly the same square footage. Two units in the building, #29F and #16C, have a similar square footage and recently sold for $565,000 and $570,000.

The property is a penthouse unit in the Downtown Club, a 45-story condo tower in the Financial District. Building amenities include a 12,000-square-foot fitness center, sauna rooms, a landscaped common terrace, 24-hour concierge service, 6-day valet service, billiards table, and indoor assigned bike storage.

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 also writes for CommercialEdge. Reach her at [email protected]

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