920-square foot condo in Bedford-Stuyvesant goes to auction October 4, 2018 with a lien of $486,023. The auction is scheduled for 2:30 at the Kings County Supreme Court, 360 Adams Street, Brooklyn, New York City.
Unit G07, a 920-square foot unit in The Kent Building located at 970 Kent Avenue, was purchased in June 2006 for $373,152 with an acquisition mortgage of $276,00 secured through HSBC Bank USA taken the same day. The owner took out two additional mortgages in 2007 for $70,000 and $417,000, also through HSBC Bank USA.
A lis pendens was first filed against the Bed-Stuy property by HSBC Bank USA in 2008, renewed in 2012, and again in 2016. It remains active, with an expiration date of July 14, 2019. The auction was initially set for March 19, 2018 and is currently scheduled for October 4, 2018.
A Comps search shows the estimated market value of the property at around $680,000, determined by the median price of seven other units in the same building class recently sold in the area and with similar square footages. Unit 307 in the same building, which has a size of 987 square feet, recently sold for $900,000, while a 938-square-foot unit 140 yards away at 244 Franklin Avenue recently traded hands for $486,720.
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.