704 square-foot luxury condo in Midtown high-rise goes to auction October 31, 2018 with a lien of $878,217. The auction will take place at 2:00 PM at 60 Center Street, New York City.
With Manhattan foreclosures at a record low, Central Midtown’s 117 East 57th Street #26G is a rare sight. Located in 57-story The Galleria, unit 26G was purchased in 2005 for $399,000. The buyer took out two same-day acquisition mortgages – one for $559,200, and a smaller one for $69,900, both secured through Greenpoint Mortgage Funding, In C.
A lis pendens was first filed against the property in 2007 for $629,100. It was renewed in 2008, 2011, 2014, and again in 2017. The latter lis pendens remains active, leading to the foreclosure of 117 East 57th Street #26G. Originally set to go to auction on February 16, 2018, 117 East 57th Street #26G is now scheduled for an October 31, 2018 auction.
A Comps search shows the estimated median value of the property at $969,408, determined by the median price of 44 recently been sold units. All 44 units included in the Comps search are in the same building class and have a similar square footage. A similarly-sized unit recently sold in The Galleria for $1,300,000, while a 603-square-foot condo in the nearby 432 Park Avenue traded hands for $1,775,000.
The Galleria is a full-service luxury condo tower on the border of the Upper East Side and Central Midtown. Amenities include a 54th-story residents’ lounge, fitness club complete with pool and spa, garage parking, full-time doorman service, as well as elevator staff.
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.