Midtown Penthouse Heads to the Block with $1.2M Lien

1,069-square-foot condo in Central Midtown elevator building is scheduled for auction with a lien of just over $1.2 million. The auction will take place June 19, 2019 at 2pm at 60 Centre Street, Room 130, New York City.

Located in a condominium building designed by Rosario Candela,  40 West 55th Street #PHS was originally purchased in 2008 for $1,545,000. The buyer secured a mortgage loan from Wachovia Mortgage, FSB for $1,158,750, assumed by Wells Fargo later that year.A lis pendens was first filed against the property in 2016, with final judgement handed down in late 2017 for $1,200,854, thus leading to the foreclosure of the property.

Originally scheduled for auction in July 2018, the penthouse was rescheduled for auction twice: once for January 2019, then postponed again for June 19, 2019. Meanwhile, the mortgage note was taken over by MTGLQ Investors LP.

A Comps search shows the estimated market value of the 2-bedroom condo at $1.92 million, more than $700,000 higher than what is owed. This figure was determined by the price of 21 units of similar size and building class that recently sold within a half-mile of 40 West 55th #PHS.

The 1,069-square-foot penthouse sits atop a 10-story prewar boutique condominium complete with 24-hour doorman service, bike storage, live-in superintendent and laundry facilities. The pet-friendly building is just minutes from Central Park and world-class cultural and entertainment destinations. The property is also convenient to mass transit, with the F train just steps away.

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]