Prospect Heights 1-Bedroom Condo Goes to Auction for Less than $500,000

A 962-square-foot one-bedroom condo in Prospect Heights goes to auction August 1, 2019 with a lien of $479,834. The auction is scheduled at 2:30 PM at 360 Adams Street, Brooklyn, New York.

Unit 5K is a one-bedroom, one bath condo located in the Richard Meier on Prospect Park building at 1 Grand Army Plaza. It was purchased in 2010 for $765,000 with a mortgage from MERS for $382,500. The mortgage was reassigned several times and is currently held by the plaintiff, Cascade Funding Mortgage Trust 2017-1.

A lis pendens was first filed against the property in 2017 by Waterfall Victoria Depositor II for $382,500. It remains active until July 2020, thus leading to the foreclosure. The judgement was handed down May 3, 2019 for $479,834. The auction is scheduled for August 1, 2019. It is the first time the property has been up for auction.

A Comps search shows the median value of the property is just over $1 million. This was determined by looking at the median price of nine other properties recently sold. All properties used for the Comp search sold within half a mile and have the same property class of R4. Building amenities include a 24-hour doorman, concierge, on-site parking, 30,000 square foot health club, and indoor swimming pool.

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.

Patrick McGregor

Patrick McGregor

Patrick McGregor is a senior writer covering the real estate industry and overall economic trends in the United States for several Yardi product publications. He also holds an MBA from Thunderbird School of Global Management. Patrick was previously a commercial real estate analyst at Yardi Matrix for five years. His work has appeared in the New York Times, Bisnow, GlobeSt, The Real Deal, Business Insider, The Denver Post, The Motley Fool, and more.