Lower East Side Condo Hits the Block with Lien $400K Below Market Value

911-square-foot Nolita Place condo goes to auction on November 11, 2018, with a lien of more than $1.1 million. The auction will take place at 2:00 PM at 60 Center Street, New York City.

199 Bowery #4A, a 911-square foot condo in hip Nolita Place, was purchased in 2006 for $712,775. The owner took out two mortgages on the day of the sale, both from Washington Mutual Bank, F.A. The first was an acquisition mortgage of $616,000 and the second was a smaller $70,000 mortgage. Both of these mortgages were combined into a $800,307 mortgage agreement in September 2007 by JPMorgan Chase Bank, N.A. At the same time, an additional GAP Mortgage was taken from the same bank for $217,939. A third mortgage for $100,000 was also taken on by the owner, but has since been satisfied.

A lis pendens was first filed against the property by Chase Home Financial in 2010. When it expired in 2013, another was filed by the same company, and then refiled in 2014 and 2017. The current foreclosure judgment was handed down October 18, 2017 for $1,102,505. It remains active and is set to go to auction on November 14, 2018, a postponement from October 18, 2017.

A Comps search shows the estimated median value of the property as $1,497,684. The closest similar unit sold recently traded for $1.29 million just 0.3 miles away at 133 Essex Street, while at nearby 25 West Houston Street a 902-square-foot unit changed hands for $1.7 million.

Part of the 63-unit Nolita Place condominium in Manhattan’s Lower East Side, Unit 4A enjoys access to a private fitness center, roof deck, 24-hour doorman service and a live-in superintendent. The 12-story Nolita Place is pet-friendly, and also offers video security and common storage space.

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]