SoHo Loft with City Views Heads to Auction for Less Than Half Its Market Value

1,213-square-foot condo loft in elevator building goes to auction August 28, with a lien of less than $950,000. The auction is scheduled for 2:00 PM at 60 Centre Street, New York City.

Unit 8A at 90 Prince Street was purchased by the defendant in 1999 along with Unit 7A. The latter was  separately sold in 2007, but the mortgage remains active on the former. The portion of the original mortgage related to Unit 8A has been assigned to Citimortgage, the plaintiff in the foreclosure suit.

A lis pendens was first filed against the property in 2014 by Citimortgage for $1.29 million. It expired in 2017 but was renewed by the plaintiff for the same amount in 2017. The lis pendens remains active until November 8, 2020, thus leading to the foreclosure of the property. The foreclosure judgment was handed down June 5, 2019 for a lien of $941,211. The auction is scheduled for August 28, 2019.

A Comps search shows a median value of $2,590,968 for Unit 8A. This was determined by looking at 15 similar properties sold recently within a quarter mile of 90 Prince Street.

The 1900-built SoHo property is located within walking distance to bus and subway lines. Amenities in the elevator building include 11-foot ceilings and a pet-friendly policy. Also, the bottom floor is dedicated for commercial usage.

Disclaimer: As with any auction, 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.

Iulian Tihai

Iulian Tihai

Iulian Tihai is a writer at PropertyShark with 5 years’ experience in the real estate industry. He reports on New York real estate news and trends. Previously, he was a commercial real estate analyst at Yardi Matrix.