Borough Park Three-Families Building Heads to Block with $840K Lien

3,660-square-foot, three-families building goes to auction September 12, 2019 with a lien of more than $841,207. The auction is scheduled to take place at 2:30 PM at 360 Adams Street in Brooklyn.

1462 51st Street in the Borough Park neighborhood in Brooklyn was purchased in 1970 with a seller carry-back loan. After the initial loan was satisfied, the owner took on two additional mortgages: a $499,999 mortgage loan secured through MERS in 2005 and satisfied in 2010, and an additional loan of $533,850 secured though Bank of America in 2006. The latter mortgage’s note has since changed hands multiple times until it came to be owned by the plaintiff in the foreclosure suit, Wilmington Savings Fund Society.

A lis pendens was first filed against the property in 2010 by Bank of America for the amount of $533,850. It expired in 2013, but was renewed in 2016 and remains active until October 14, 2019, thus leading to the foreclosure of the property. The judgement was handed down July 1, 2019 for a lien of $841,207. It is scheduled to go to auction on September 12, 2019.

A Comps search identified the median market value of the property at $1,533,540, based on the sale price of 12 similar properties that recently traded hands in the vicinity of 1462 51st Street.

Located in Brooklyn’s Borough Park, the 1965-built property features a total of 3,660 square feet, across three residential units, complete with a 900-square-foot full basement. 1462 51st Street is part of School District 20, with nearby schools including Franklin D. Roosevelt High School, Urban Assembly School for Criminal Justice, I.S. 223 and P.S 180. The nearest subway station serves the D line at New Utrecht Avenue and 55th Street, just 0.3 miles away.

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]