A 2,816-square-foot, two-family, brick Manhattan building built in 1901 heads to auction on December 11, 2019, for just over $1 million. The auction is set for 2 p.m. at 60 Centre Street, New York City.
The property at 310 East 84th Street was purchased by the owner in 1997 for $855,000. The same day, a mortgage for $460,000 was taken out from Astoria Federal Savings and Loan. In 2003, a second mortgage of $125,418 was taken out from the same lender. Then, in 2005, a third mortgage was taken out from Emigrant Mortgage Company for $657,231; on the same date, all mortgages were consolidated into a single loan of $1.1 million from Emigrant Mortgage Company.
A lis pendens was first filed against the property in 2010 by Bank of America in the amount of $1.1 million. It expired but was refiled by the plaintiff, Emigrant Mortgage Company, in 2010 and again in 2018. This lis pendens remains active, thus leading to the foreclosure of the property. An additional lis pendens filed by Bank of America in 2016 expires December 1, 2019 – 10 days before the scheduled auction. A judge handed down the foreclosure judgment in July 2019 for $1,087,640. The December 11 auction is a postponement of a previously scheduled auction on September 11, 2019.
A Comps search puts the estimated market value of the property at $5,358,848, based on the recent sale price of six similar properties. It is currently listed for sale for $5,250,000.
310 East 84th Street is a three-story brownstone built in 1901 in Manhattan’s desirable Yorkville neighborhood. It features a 704-square-foot full basement and two residential units totaling 2,112 square feet. Subway access is seamless, with the Q line just steps from the front door. The East River Esplanadem John Jay Park and Carl Schurz Park are also within easy walking distance.
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.