Luxe Manhattan condo faces bankruptcy auction

View from terrace of a West Harlem penthouse to be auctioned off July 31 at a Harrison, N.Y. law office

A West Harlem penthouse with unobstructed views of Central Park and the surrounding skyline is headed for a bankruptcy auction at 10 a.m. on Friday, July 31.

Public records show that the two-bedroom, two-bath condo with 1,000-sf wraparound terrace at 125 Central Park North was purchased for $1.4 million earlier this year, and the starting bid is $950,000. According to the announcement, the value is $1.9 million.

A second Manhattan property will be on the block as well as part of the bankruptcy sale, but the date has yet to be set.

The 1,356-sf Harlem condo, PH-5, which is in a 2005 mid-rise with part-time doorman, was originally featured in the New York Times and the Post. Its location and interior architecture attracted considerable attention.  Among the unit’s attributes are high style, private elevator access, central air conditioning, a home office and direct park views from the living/dining room and one of the bedrooms.

Floorplan of PH-5 at 125 Central Park North

(It happens that I checked out the apartment years ago after it first went on the market. I remember the exemplary views and my negative reaction to the layout at the time, especially the entry from the elevator into a skinny hallway, the uncommonly narrow public space of 10’8″ and a kitchen unequal to the listing price.)

The Chapter 11 debtor is East River Mortgage Corp., which has its bankruptcy pending in Manhattan federal court.

An entity seeking to become a qualified bidder must deliver no later than 5 p.m. on July 26 “financial information reasonably necessary to demonstrate an ability to consummate a sale on the terms proposed.”

Already identified only as qualified bidders are one Igor Myasnikov, who seeks to purchase the Harlem apartment, and  Mark Reznik, who would be the purchaser of the second unit with a sale date yet to be set.

Only qualified bidders may make subsequent bids at the July 31 auction itself.

Besides qualification, also required is a 10 percent deposit of the offer in cash or cash equivalent.  In addition to the winning price, the buyer will owe a 6 percent buyer’s premium plus a $28,500 break-up fee.

The transaction is to be completed no later than one day following judicial approval of the sale at a hearing scheduled in U.S. Bankruptcy Court on Aug. 22 at 9:45 a.m..

Prospective bidders should be in touch with East River Mortgage’s attorney — Jonathan Pasternak of Rattet Pasternak, 550 Mamaroneck Ave., Suite 510, Harrison, N.Y. — to obtain additional information and arrange a site visit.  The telephone number is 914-381-4700.

As for the second property that is to be sold in East River Mortgage’s bankruptcy, it is a 1,045-sf condo in Manhattan’s Turtle Bay at 236 E. 47th St.  In a building called the Club at Turtle Bay, the two-bedroom, two-bath unit with balcony on the 19th floor of a full-service 1988 high-rise has a starting bid of $750,000.

The apartment, #19E, was listed for sale for most of 2009 at $999,000 and was permanently taken off the market that December.  Its current value, the auction notice said, is $1.2 million.

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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
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