Borough Park Home Hits Auction Block $645K Below Market Value

1,204-square-foot Borough Park home heads for auction in Brooklyn on August 15th, 2019 with a lien of $554,292. The auction is scheduled for 2:30 PM at 360 Adams Street in Brooklyn.

1940 52nd Street was purchased by the defendant in 2006 for $775,000. They have taken out three mortgages against the property including $417,000 from MERS, $183,000 from JP Morgan Chase Bank, and $50,000 from the NYC Commissioner of Social Services. The first mortgage, secured through MERS in 2006 has since been taken over by Bank of America, the plaintiff in the foreclosure trial.

A lis pendens was first filed against the property in 2013 by Bank of American in the amount of $600,000. It was renewed in September 2016 and then again in November 2016, both of which remain active, thus leading to the foreclosure of the property. The final judgment was handed down May 16, 2016 for a lien of $554,292. The auction is currently set for August 15th, 2019, a postponement from its original date of September 6, 2018.

A Comps search reveals the property’s median value to be $1,279,852, based on the recent sale of five similar properties within a half-mile radius.

A two-story single-family home within walking distance of Friends Field Park and Gravesend Park, 1940 52nd Street features a 200-square-foot garage and a full basement. Part of School District 21, area schools include P.S. 121, The Academy of Talented Scholars, I.S. 223, Franklin Roosevelt High School and Urban Assembly School for Criminal Justice.

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]