2,675-square-foot three-family walk-up set for auction on November 29, 2018 with a lien of $821,576. The auction is scheduled to take place at 2:30 PM at 224 Brooklyn, New York.
The three-family walk-up at 554 Putnam Avenue was purchased in March 1985, but the first mortgage was secured in July 2000 through New Jersey Mortgage and Investment Corp. The same financial institution issued a second mortgage two months later in the amount of $25,000. In 2002, another mortgage was secured, this time through Uc Lending in the amount of $205,000, followed by another loan in 2004 for $273,000 from Option One Mortgage Corporation. Castle Point Mortgage, INC. issued a $394,000 mortgage in 2007, with the last mortgage loan issued in 2010 by the NYC Commissioner of Social Service for the amount of $200,000.
There have been six lis pendens filed since 2002, including a foreclosure mortgage of $394,000 in June 2017 that remains active until June 22, 2020. A foreclosure judgement was handed down on May 1, 2018 for $821,576. The three-family home was previously scheduled for auction on May 1, 2018, but was rescheduled for November 29, 2018.
A Comps search indicates that the median value of this brownstone is just over $1.3 million, determined by the median sale price of six nearby properties of the same building class and similarly sized. The closest of them is at 517 Hancock Street which recently sold for $1.2 million. Another similar property recently traded hands at 604 Quincy Street for $1.35 million.
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.