Three-Family Walk-Up Apartment Building in Corona is Headed for Auction

A three-family, two-story walk-up apartment goes to auction August 9, 2019 with a lien just over $750,000. The auction is scheduled to take place at 10:00 AM at 88-11 Sutphin Blvd, Jamaica, New York.

35-12 109th Street, in Corona, New York, was purchased in September 2003 for $478,000. On the same day, a mortgage was taken through Washington Mutual Bank for $430,000. In 2005, the defendant took out an additional mortgage of $102,753 which was then consolidated with the 2003 mortgage into a single mortgage for $525,000. In 2006, the defendant took another mortgage in the amount of $101,871, which was again consolidated with the previous mortgage for a single mortgage of $618,750. This mortgage was assigned several times with the final assignee being the plaintiff, the Federal National Mortgage Association.

A lis pendens was first filed against the property in 2004 by HSBC Mortgage Corporation for $430,000 that expired in 2011. The second was filed in 2014 for $618,750 by HSBC Bank USA for $618,750 which expired in 2017. It was renewed for the same amount in 2017 and remains active through 2020, leading to the current foreclosure. The foreclosure judgment was handed down on March 1, 2019 for $762,893. The auction is currently scheduled for August 9, 2019. The first auction against this defendant for this property was scheduled in November 2008.

A Comps search shows the estimated market value of this three-family walk up(C0) at $1,187,793. This is after considering eight properties recently sold within half a mile of this property, and with the same property class of C0. The walk up apartment building was constructed in 1925 with an estimated average unit size of 527 square feet.

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.