120-year-old Bedford-Stuyvesant rowhouse to be sold at auction on November 7, 2019 with a lien of $1 million. The auction is scheduled for 2:30 p.m. at 360 Adams Street, Brooklyn.
Located it fashionable Bed-Stuy, 593 Lexington Avenue was purchased for $630,000 in 2005. Two mortgages were taken out on the day of the sale, both through Fremont Investment and Loan. One mortgage loan, of $126,000, was satisfied in 2017. The second loan, for $504,000, has since been assigned to HSBC Bank USA, National Association, and is the cause of the foreclosure.
A lis pendens was first filed against the property in 2007 by HSBC Bank USA, National Association. It expired and was refiled several times, the most recent of which was in February of 2017. It remains active until February 20, 2020, thus leading to the foreclosure of the property. The foreclosure judgment was handed down in October 2018 for a lien of $998,585.
A Comps search identified the median market value of the property as nearly $1.8 million. This is based on 10 recent sales of similar properties located within half a mile of 593 Lexington Avenue.
The 2,2000-square-foot property was built in 1899 and is two stories tall, with a below-grade, full basement of 1,100 square feet. Situated at the heart of trendy Bed-Stuy, 593 Lexington Avenue is surrounded by a bevy of public, private and charter schools, with the nearest subway station half a mile away at Broadway and Myrtle Avenue, serving the J, M and Z lines.
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.