Foreclosed co-op on the UWS could be a bargain

The kitchen of Apt. C, 107 W. 106th St., has been recently renovated.

An Upper West Side one-bedroom co-op that has been in the foreclosure process for months is headed for the auction block on Aug. 18.

According to an 86-week-old listing, Apartment C at 107 W. 106th St. contains 550 square feet and has been totally renovated.  Its latest asking price, since July 10, is $325,000.

The listing puts monthly maintenance at $565, but the lender’s lawyer, Ronald S. Kahn, says it is $603, which is likely the correct amount.  Moreover, Kahn reports that a total of $9,165 is owed for maintenance, late fees, assessment and legal fees as of Aug. 1.

In a pre-war walk-up with 16 apartments that was converted to co-op in 2007, the unit appears to be on the ground floor between Amsterdam and Columbus avenues in Manhattan.  The listing refers to “a terrific layout with three large closets, a separate space for your home office, and a large dressing room connected to the bath.”  In addition, “the full sized kitchen has new floors, new cabinets and both the kitchen and bathroom are windowed.”

The lawyer expresses his belief that no one has occupied the apartment since it was renovated for the owner, one Paul D. Hurley, who borrowed money from a Richard Schneider.  (They are not further identified.)  Schneider, “the secured party,” reserve the right to bid, but there is no minimum, Kahn notes.

Because providing the mortgage amount “could influence the bidding to the detriment of the parties,” Kahn declines to disclose the sum.

The apartment is a co-op, so the usual application to the board for acceptance into the building is required.  Should the board reject the winning bidder, the down payment will be returned and the auction conducted again.

The auction is to take place on the steps of State Supreme Court, 60 Centre St., at 10 a.m. on Aug. 18.  The transaction is subject to the “Terms of Sale,” which I don’t have but probably could obtain for seriously interested readers.

As with all foreclosures, anything can happen up to the time of the auction, which always can be postponed, delayed or even canceled altogether.

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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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