One-Bed Rushmore Condo Up for Auction for Half Its Market Value

745-square-foot, one-bedroom condo in Lincoln Square goes to auction July 24, 2019 with a lien of $537,430. The auction is scheduled to take place at 2:00 PM at 60 Centre Street, New York City.

Unit 9K in The Rushmore building located at 80 Riverside Blvd was purchased in 2012 for $950,000. In 2013 a mortgage of $600,000 was taken from Indus American Bank. The bank was acquired in 2018 by BCB Community Bank, the plaintiff in the foreclosure suit.

A lis pendens was filed against the property by Indus American Bank in 2017 for $600,000. It remains active until June 23, 2020, thus leading to the foreclosure of the property. A judge handed down the foreclosure judgment May 16, 2019 for a lien of $537,430. The property is set to go to auction on July 24, 2019. This is the first time it has been scheduled.

A Comps search shows the median value of the property to be upwards of $1.1 million. This was determined by comparing the prices of 26 properties recently sold within a quarter-mile of The Rushmore. Each property used in the Comps search had the same property class (R4) as the foreclosure in question.

Unit 9K is located within The Rushmore, a 43-story building with 269 units. Amenities in the resort-like building include concierge services, a wellness center with indoor swimming pool, billiards room, screening room, entertainment suite, and sundeck.

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]