One-Bed Luxury Condo Up for Auction in Financial District

662-square-foot condo in Financial District elevator building goes to auction June 26, 2019 with a lien of $575,758. The auction will take place at 60 Centre Street, New York City at 2:00 PM.

Unit 809 in 20 Pine The Collection at 18-20 Pine Street, New York, NY, was bought in 2006 for $620,000. On the same day as the sale, the buyers took out a mortgage for $496,000 from MERS.

A lis pendens was first filed against the property in 2012 by Citimortgage INC. for $496,000. It expired in 2015 and a new lis pendens was then filed by Federal National Mortgage Association for $496,000, thus leading to the foreclosure of the property. A judge handed down the foreclosure judgment on March 22, 2017 for $575,758. The property was previously scheduled for foreclosure on March 14, 2018 and September 13, 2017.

A Comps search shows the median value of the property at around $800,000. This was determined by looking at the median price of 38 properties that recently sold within a quarter-mile. Each property considered to determine the median price was in the same property class as the foreclosure in question (R4) and had square footage of between 500 and 850.

The historic Art Deco tower offers a bounty of amenities including the signature health spa housed in what used to be vaults of Case Manhattan, complete with hammam lounge, swimming and reflecting pools, juice bar and treatment rooms. Residents also enjoy 24-hours concierge and doorman service, fitness and rec facilities, golf simulator, billiards room and roof deck. The property is situated above the subway station at Nassau Street – Cedar Street, which serves the J and Z lines.

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

Since the property is located in a landmark building/area, it is subject to special regulations, that can include provisions pertaining to special approvals for exterior alterations for example. A thorough review of certificates, permits and documentations is strongly advised.

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]