688-square foot condo located one block from the Empire State Building goes to auction October 31, 2018 with a lien of $952,978. The auction will take place at 2:00 PM at 60 Center Street, New York City.
325 5th Avenue #11F was originally purchased for $809,508 back in 2006, with an acquisition mortgage of $636,000 and a smaller $79,500 mortgage issued by JP Morgan Chase Bank, N.A. on the day of the sale. A lis pendens was first filed against the property in 2012 for $715,500 by Bank of America, NA. It was renewed in 2013 and in 2016 and remains active, thus leading to the foreclosure.
An additional lis pendens was filed in 2018 by the Board of Managers of 325 Fifth Avenue for $23,756 and remains active. The property is set to go to the auction block October 31, 2018. It was previously scheduled for an August 30, 2018 auction.
A Comps search shows the estimated value of the condo at $1,060,000, determined by the sale price of 43 similar units. An 816-square foot unit was recently sold in the building for $1,030,000, while a 780-square foot unit just steps away recently sold for $2,291,063.
The 688-square-foot unit is part of the 325 Fifth Avenue luxury condominium building. The 42-story tower features street-level retail, and building services include concierge and full-time doorman service. Exclusive amenities include a pool, garage parking, a private lounge and a children’s playroom.
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.