Three-Story Gowanus Property Heads to the Block with $1.8M Lien

3,600-square-foot, three-family Gowanus building goes to auction on July 25, 2019 with a lien of $1,158,750. The auction is scheduled to take place at 2:30 PM at 360 Adams Street, Room 224, Brooklyn, New York.

14 Saint Mark’s Place is a three-family that was last purchased in 2006 for $1,287,500. The buy was financed with two mortgages, both secured through Wall Street Mortgage Bankers Ltd. in the amounts of $1,000,000 and $158,750. Both mortgages were later assigned to the plaintiff in the foreclosure, U.S. Bank National Association.

A lis pendens was first filed against the property in 2008 by U.S. Bank N.A. for the amount of $1,158,750. It was renewed in 2011, 2014, and 2017. The currently active lis pendens was filed in April 2017 and remains active, thus leading to the foreclosure of the property. The foreclosure judgment was handed down in December 2018 for a lien of $1,783,164. The property was previously scheduled for auction on July 26, 2018 and December 6, 2018.

A Comps search shows that the estimated value of the property is $3,484,800. This was determined by looking at a dozen other properties of the same property class (C0) that have recently sold within a three-quarter mile radius of the property. The three-story row house was built in 1910, and boasts a full above-grade basement. Just minutes from the 4th Avenue & Pacific Street Station, 14 Saint Mark’s Place enjoys swift access to the 2, 3, 4, 5, B, D, N, R and Q 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.

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]