Three-Family Bed-Stuy Home Valued at $1.3+ Million Hits the Block with $470K Lien

3,000-square-foot three-family building goes to auction August 8, 2019 with a lien of $466,437. The auction is scheduled to take place at 360 Adams Street, Brooklyn, New York.

Located within Brooklyn’s Bedford-Stuyvesant neighborhood, 537 A Quincy Street was purchased December 20, 2004 for $476,484. On the same day, the defendant took out a mortgage from HSBC Bank for $381,150.

A lis pendens was first filed against the property in 2010 by HSBC Mortgage Corporation for the amount of $381,150. It was renewed in 2013 and again in 2016. The most recent lis pendens remains active, thus leading to the foreclosure of the property. The judgement was handed down June 5, 2019 for a lien of $466,437. This first-time foreclosure is scheduled for auction at 2:30 PM on August 8, 2019 at 360 Adams Street, Brooklyn, New York.

According to a Comps search – which looked at the median sale price of 24 recently sold similar properties located within a half-mile radius – the median value of this property is $1,323,000. The brick property has a 750-square-foot full basement, and three residential units with an average of 750 square feet each. It was built in 1899 and is just over one-half mile from the Broadway/Myrtle Avenue station serving the J, M and Z 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]