Luxury condo heads to foreclosure auction

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Graphic from curbed.com showing views from 121 W. 19th St. condo.

Listed in January 2007 for $3.95 million, an unsold penthouse at 121 W. 19th St. faces a foreclosure sale on July 28, according to curbed.com and propertyshark.com.

The condo is either 1,906 square feet (propertyshark) or 2,071 (the old listing for PH-E).  With $209,298 of assessed value and a lien of $3,237,096, the loft was last listed for $3.7 million until it was taken of the market in March of last year.

The auction is to take place in Room 130 at 60 Centre St. in Manhattan should there be no new developments in the reliably complex foreclosure process.  (I won’t be there to cover it since I finally am taking a week off starting today and will be out of town in an undisclosed location.)

To entertain you, herewith the broker’s description of the unit from the old listing:

This amazing loft home with soaring ceilings and great light offers a large southwest setback terrace. The apartment has big picture windows that frame the Empire State, Met Life and New York Life buildings in this dream palace.

You’ll absolutely love the HUGE master bedroom. The all new Viking kitchen with entertainment serving counter leads to a large open living room. The spacious master spa bathroom includes double sinks, deep soaking tub and full shower. Bathroom two is flooded with light through a glorious skylight. There is another deep soaking tub for family or guests. The “real” straight staircase leads up to an open room that can serve as your personal gym or office. From there, step out onto the wonderful southwest terrace and gaze at the stars.

This quiet loft home also enjoys a tax abatement. Washer and dryer are in the apartment, of course. Storage in the basement, too. This is rare. Call me today!

If the auction actually occurs, you’ll be interested to know the results of the auction of a previous foreclosure of an apartment that had been owned by the same individual.  The winning bidder obtained a bargain while, at the same time, losing a ton of money.

Curbed notes that the foreclosed owner paid $2.3 million in 2005 for the previously auctioned property nearby, apartment 3C at 251 West 19th St.  It failed to sell it at an ask of $3.4 million once foreclosure proceedings started.  The bank took it back at auction last June for only $1.2 million, then resold it for slightly more.

A slightly smaller penthouse than PH-E in the building at 121. W 19th St., called the Lions Head, traded after a long time on the market in January, when it was listed for $3.25 million.  So maybe the bank will recover most of its loan.

An acknowledged improvement over the frequently claimed “Won’t last!!!!” in a listing is what gave me a chuckle in the broker’s remarks above: “Call me today!”

Apparently, no one did.

Note:  For my critical comments about a variety specific properties, you may want to check out the Out and About section of the comprehensive e-newsletter that I write and publish on alternate Fridays, covering a range of news about the U.S. and New York housing markets, mortgage developments, household tips, celebrity sales and purchases, research, and experts’ prognostications.  Today’s issue is now available.

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Malcolm Carter
Licensed Associate Real Estate Broker
Senior Vice President
Charles Rutenberg Realty
127 E. 56th Street
New York, NY 10022

M: 347-886-0248
F: 347-438-3201

Malcolm@ServiceYouCanTrust.com
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