In a most unlikely scenario, a luxury condominium is facing foreclosure at Extell Development’s One 57 building at 157 W. 57th Street, also known as Billionaire’s Row, in Manhattan. The foreclosed unit was acquired in 2015 through the Central Park Immobilier LLC for $21.4M. It had been listed for $22.5M. This same building is also home to the highest priced condominium ever sold in NYC at $100M. Heady as these prices are, Platinum Properties, the listing agent involved with this foreclosure transaction, says that demand at this level of the housing market is beginning to wane a bit.
Scheduled for auction on June 14, this stunning apartment generated several offers during its some 550 days on the market. All offerings were considered to be insufficient, however, and were subsequently declined. The living space totals 3,466 square ft. with four bedrooms and 4.5 baths. Views of Central Park, obviously the namesake of its LLC, are breathtaking at the unit’s 56th floor perch.
This condominium unit is one of 30 residences in Manhattan to be foreclosed upon for the first time in 2017. The other 29 residences are not close to the $22.5M price point of this unit, however. Manhattan residential properties are rarely lost to creditors, Nancy Jorisch, data research manager for PropertyShark, informed us. This property may or may not come to auction when push comes to shove. Interested parties may settle on a sale price, forestall a sale or may agree to a short sale. It has a $20.5M lien plus interest and ancillary costs.
To say the least, Nancy Jorisch went on to say, “It is a surprise that somebody would have paid that much for a property and actually wind up with an auction scheduled.”
A high profile foreclosure within the highest end of NYC’s multifamily market is a lesson for all. No one gets a pass on having hard times. Perhaps those who currently live at the top end of the income scale will think twice about the horror of foreclosure now that they’re on the wrong side of the market.