Auction of 1BR UWS unit doesn’t help lender

Standing way up on the right are the auctioneer and lawyer.

It was all over in eight minutes, forty-two seconds, including a soporific reading of the Terms of Sale by auctioneer Stuart Medow.

Not only was the foreclosure auction on the courthouse steps at 60 Centre St. over in a flash yesterday, but it was a failure.

Represented by his attorney, Ronald Kahn, the lender to one Paul D. Hurley ended up with the apartment on which he had foreclosed.

Three hopeful individuals, apparently investors (who preferred to go nameless), stood mute as the auctioneer opened the bidding at $150,000.  The 550-sf co-op–Unit C at 107 W. 106th St. on the Upper West Side–had been listed for $375,000 in December 2008 and was recently reduced to $295,000. Continue reading