1,161-square-foot condo in a post-war high-rise is headed to auction on September 18 with a lien of $869,965. The auction is scheduled for 2 p.m. at 60 Center Street in New York City.
The property, 1641 Third Avenue Unit 29F, was purchased in 2003 for $435,818, with a mortgage taken out on the same day for $392,500 from Emigrant Mortgage Company. The mortgage was assigned several times and is currently owned by the plaintiff, Wells Fargo Bank, National Association (NA).
A lis pendens was first filed against the property in 2009 by Wells Fargo Bank NA for the amount of $392,500. It was renewed twice, most recently in June 2018. The foreclosure judgment was handed down in 2004 for a lien of $869,965. The high-rise condo is set to go to auction on September 18, 2019, 60 Center Street.
A Comps search shows the estimated median value of this condo at $1,495,368. This is based on the recent sale price of 108 comparable properties within a quarter mile.
Unit 29F is located in a 34-story building with valet and a 24-hour doorman service, a bike room, outdoor playground, fitness room and laundry facilities. Utilities are covered by a monthly maintenance charge. This is an investor-friendly property that allows subletting, 90% financing and pied-à-terre.
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.