Foreclosure is looming for a 56th-floor apartment overlooking Central Park, the first such seizure in the Manhattan neighborhood known as Billionaires’ Row because of its sky-high property prices.
An auction for the 3,466-square-foot (322-square-meter) condominium in the One57 tower is scheduled for June 14, PropertyShark said. The unit has a $20.9 million lien on it, plus interest and costs, according to the property-data provider. The owner is listed as Central Park Immobilier LLC. Larry Tetelman, an attorney with Lustrin Tetelman LLP who represents the limited liability company, declined to comment on the planned auction.
“It is a surprise that somebody would have paid that much for a property and actually wind up with an auction scheduled,” said Nancy Jorisch, data research manager for PropertyShark.
No apartment on Billionaires’ Row, which also includes 432 Park Ave. and other luxury towers still under construction, has previously been subject to a foreclosure auction, Jorisch said. Manhattan residential properties are rarely lost to creditors, with only 27 new residential foreclosures in Manhattan in the first quarter, PropertyShark reported last month.
Though an auction is scheduled, it may not come to pass, Jorisch said. It’s not uncommon for parties involved in a foreclosure to settle or forestall the sale before the auction or agree to a short sale, in which a property is sold for less than the amount owed on it, she said.
The four-bedroom Unit 56C at 157 W. 57th St. is also listed for sale by Platinum Properties, with a price tag of $22.5 million, and has been on the market for 548 days, according to StreetEasy. Khashy Eyn, an agent with Platinum who has the listing, didn’t return a phone call seeking comment.
Luxury Boom
The unit was purchased for $21.4 million in June 2015, PropertyShark said. The 90-story tower, completed the previous year, was designed by architect Christian de Portzamparc and built by Extell Development Co. Extell, led by Gary Barnett, ushered in Manhattan’s luxury-condo boom with One57, across from Carnegie Hall.
The Manhattan luxury market has shown signs of a slowdown as inventory has risen and interest by ultra-wealthy buyers has cooled. For high-end homes that found buyers in 2017, the median asking price was the lowest in at least five years, according to data from luxury brokerage Olshan Realty Inc., which measures contracts for $4 million or more.
The planned auction at One57 was reported late Tuesday by the New York Post.
This article was provided by Reuters.
