Eliza Theiss 
1,000-square-foot co-op unit in 13-story Manhattan building goes to auction with a lien of $353,446. The auction is scheduled for 10:15 A.M., September 25, at 60 Centre Street, New York City.
Unit 9E, located within The Morad Beekman Building at 420 East 51st Street, was purchased in 2006 for $560,000. A loan for the same amount was secured soon after with E*Trade Wholesale Lending Corp, and was assigned to Wells Fargo in 2011. The foreclosure judgment was handed down on September 10 for a lien of $353,446. This is the first scheduled auction of the property.
A Comps search revealed the estimated market value of 9E to be $867,000, which is based upon 42 comparable residential sales that occurred recently within a quarter-mile radius.
Unit 9E is part of the 110-unit Morad Beekman cooperative, which was built in 1962. The property offers Manhattan living in a quiet cul-se-sac with easy access to the East River, Peter Detmold Park and Midtown. The Morad Beekman offers city and river views from the landscaped roof deck, as well as 24-hour concierge and doorman services. It also boasts a two-story lobby, fitness center, garage parking with direct building access, private storage, a bike room and laundry facilities.
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.
