1,589-square-foot, four-room condo heads to auction on October 3, with a lien of $869,274. The auction is set for 2:30 p.m. at 360 Adams Street in Brooklyn, NYC.
Unit B3H at 35 Underhill Avenue in Brooklyn’s Prospect Heights was purchased in 2007 with a mortgage of $540,000 and another for $231,450. Both were recorded on the same date and held by Mortgageit. Both loans were later assigned, the smaller one to Deutsche Bank and the larger to HSBC. The latter, larger mortgage is the one that has been defaulted on.
A lis pendens was first filed against the property on April 16, 2008, by HSBC Bank USA for $540,000. It was renewed in 2011, 2014 and 2017. It remains active until February 2020, thus leading to the foreclosure of the property. The foreclosure judgment was handed down in July for $869,274. Unit B3H has been scheduled for auction once before, in January 2019.
According to a Comps search, the median value of the property is upwards of $1.8 million, based on therecent sale price of 11 similar properties located in the area.
Part of the two-tower Washington Codominium, B3H enjoys access to 24-hour doorman service, a gym, parking, as well as an interior courtyard and garden. The property is less than a quarter-mile from the nearest subway station at the corner of Washington Avenue and Flton Avenue.
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.