Brooklyn Property Worth Nearly $3 Million Heads to Auction with $234K Lien

A 5,734-square-foot, two-family brick property located in Borough Park, Brooklyn, is scheduled for auction on December 19, 2019, with a lien of $234,061. The auction will take place at 2:30 p.m. at 360 Adams Street in Brooklyn, New York.

The property at 1372 56^th Street was purchased by the current owners in January 1988. In 2007, the owners took out a mortgage for $200,000 from JP Morgan Chase Bank, which is the mortgage in foreclosure. Several other mortgages had been taken out, but all others have been paid in full.

A lis pendens was first filed in 2015 for $200,000 by JP Mortgage Chase Bank and was refiled in 2018. The foreclosure judgment was handed down in September 2019 and remains active, thus leading to the foreclosure.

A Comps search shows the estimated market value of the property to be $2,987,414. This number is based on six sales in the last six months, all of which took place within a half-mile of the property and involved the same property class: Two Family Brick (B1). The building is three stories high and semi-attached; it also has a 1,433-square-foot basement.

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.