Turn of the century three-family property in Astoria/Long Island City goes to auction on November 1, 2019 with a lien of just over $1 million. The auction is scheduled for 10:30 a.m. at 8811 Sutphin Boulevard, Jamaica, New York.
35-11 30th Street in Long Island City was bought in 2005 for $785,000. Two mortgages were taken out at the time of the purchase. The first was a $644,000 mortgage and the second was $75,000, both from Mortgage World Bankers. The mortgages were later assigned to U.S. Bank National Association, the current plaintiff in the foreclosure.
A lis pendens was first filed in 2013 by U.S. Bank National Association for $644,000; it expired in 2016 and was renewed in 2017. It remains active, thus leading to the foreclosure of the property. The judgment was handed down on October 4, 2019, for a total of $1,007,292. A Comps search shows the property’s median estimated value to be $1,595,248, based on the recent sale price of nine properties located within a mile of 35-11 30th Street.
35-11 30th Street has a full basement and the average square footage for each of the three units is 955. The 2,864-square-foot property is well situated for mass transit, with the N and Q line just steps away at the 31st Street and 36th Avenue station.
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.