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Auction Rescheduled for Two-Family Property in Queens

A 1,536-square-foot, 2.5-story property built in 1930 heads to auction on December 20, 2019, with a lien of less than $550,000. The auction will take place at 10:30 a.m. at 8811 Sutphin Boulevard, Court Room 25 in Queens, New York. 

The property at 2220 146th Street, Whitestone, Queens, is a single-family house converted to a two-family property. It was purchased in 2004 for $530,000 with a same-day mortgage for $499,900 secured through Argent Mortgage Company LLC. A second mortgage was taken out from Greenpoint Mortgage Funding Inc. in 2005 for $16,123, and a third was taken in 2008 from Wells Fargo Bank for $97,858. At the same time as the third mortgage, all mortgages were consolidated into a single loan from Wells Fargo Bank NA for $588,700.

A lis pendens was first filed against the property in 2010 by Wells Fargo Bank NA for $588,700. It was renewed in 2013 and 2016. A foreclosure judgment was handed down in March 2018 for a lien of $544,816. The property was previously scheduled for auction in October 2018, but is now rescheduled to head to the auction block on December 20.

A Comps search shows an estimated market value of $947,712. This number is based on four sales of similar properties within the last six months that were all within one-half mile of 2220 146th Street. The property has a full basement and each unit averages 768 square feet for a total of more than 1,536 square feet.

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.

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 also writes for CommercialEdge. Reach her at [email protected]