Queens Condo Goes to Auction $500K Below Market Value

1,003-square-foot Rego Park condo heads to auction June 28th with a $208,644 lien. The auction will take place at the Queens County Supreme Court, 88-11 Sutphin Boulevard, Room 25 at 10 AM.

97-12 63rd Drive #2B was initially purchased for $215,000 in 2004, with a same-day mortgage of $172,000 secured through MERS. There was another mortgage of $73,101 taken the following year, with the two loans consolidated for a total of $243,000.  In 2014, MERS transferred the loan to Bank of America, the plaintiff in the suit.

A lis pendens for the current suite was first filed in early 2017 by Bank of America, and remains active, thus leading to the foreclosure of this Queens property. The final foreclosure judgement was handed down in February 2018 for the amount of $203,644. Unit 2B is now headed for a June 28th auction, a postponement from June 2018 and April 2018. Bank of America had previously held a mortgage lien against the property in 2014.

A Comps search estimated the market value of the property at $703,103, determined by the recent sale prices of 12 similar properties within a half-mile radius. Apartment 4D, a 574-square-foot unit in the same building, sold earlier this year for $489,000.

Located in the 12-story Queens Regency Condominium, unit 2B offers up 1,003 square feet of living space with quick access to Midtown Manhattan thanks to the E, M and R lines, just a quarter mile from the front door. Residents enjoy doorman service and parking at the pet-friendly building, with the many shopping opportunities of Rego Park Center just across the street.

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]