Foreclosure of the Week: 1,000-Square-Foot Chelsea Condo Heads to Early June Auction

1,001-square-foot condo in Chelsea elevator building is scheduled for auction on June 5, 2019 with a lien of just under $1 million. The auction will take place June 5th, 2019 at 2pm at 60 Centre Street, New York City.

The one-bed, one-bath condo at 555 W. 23rd Street #N12D was purchased in 2006 for $1,211,717. The buyer took out two same-day mortgages, both secured through Wells Fargo. The first was for $952,000, and the second was for $179,000, for a total of $1,131,000 in financing. The original mortgages were consolidated and transferred to Bank of America in January 2017.

A lis pendens was first filed against the property in August 2017 and remains active. An official foreclosure notice was handed down in January of this year for $993,536, and the auction date was set for March. After postponement, the condo will now head to auction on June 5th.

A Comps search shows similar properties in the area are valued around $2,380,000, more than double the lien attached to this condo. This estimate was determined by the sale price of 28 units recently sold within a half-mile of the property. All units used for our Comps search are similar in size, ranging between 900 and 1,000 square feet. Additionally, a 1,080-square-foot unit in the same building sold for $1,550,000 earlier this year.

Located in 555 W. 23rd Street, unit #N12D enjoys all the benefits of the historic Chelsea neighborhood. Seconds from The High Line, Chelsea Piers, Pier 62, Chelsea Park, plenty of unique restaurants, as well as police station on the same block. The nearest subway station is less than half a mile away at 8th and 23rd , and serves the C and E lines.

There are plenty of public and private schools nearby, including Avenue New York, Quest to Learn, Legacy College Preparatory Charter, Hudson High School of Learning Tech, and Notre Dame School.

Disclaimer: As with any auction, we recommend performing thorough due diligence and running your own comps to find out the value of the property. 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]