An 856-square-foot condo in a pre-war, full-service doorman building is headed to auction on December 4, 2019, with a lien of less than $600,000. The auction is scheduled for 2 p.m. at 60 Centre Street, New York City.

The property, Unit 7C located at 230 Riverside Drive, was purchased in April 2007 for $890,000. On the day of the purchase, a mortgage was secured through Citimortgage, Inc. for $400,000. The mortgage was later assigned to MTGLQ Investors Lp.

A lis pendens was first filed against the property by Citimortgage Inc. for $400,000 in 2013. After the loan was assigned, lis pendens were refiled several times by the new mortgage holder, Federal National Mortgage Association. The most recent lis pendens was filed in February 2019 and currently active. The foreclosure judgement was secured on September 17, 2019, for a lien of $595,330.

A Comps search indicates that the estimated market value of the property is $1,177,000. This is based on the sale prices of 31 similar properties that traded within the last six months in quarter-mile radius of 230 Riverside Drive.

Built in 1931, 230 Riverside converted to condos in 2007, and boasts amenities like a modern gym, playroom, private storage and 24-hour doorman service. Green space is available right across the street at Riverside Park.

Disclaimer: As with any auction, we recommend performing thorough due diligence and running your own comps to determine how much the property is worth. Information provided in this article is not, and should not be regarded as, investment advice.

Eliza Theiss

Eliza Theiss

Eliza Theiss is a senior writer reporting real estate trends in the US. Her work has been cited by CBS News, Curbed, The Los Angeles Times, and Forbes among others. With an academic background in journalism, Eliza has been covering real estate since 2012. Before joining PropertyShark, Eliza was an associate editor at Multi-Housing News and Commercial Property Executive. Eliza writes for both PropertyShark and CommercialEdge. Reach her at [email protected]