The Real Deal New York

Billionaires’ Row staring at first foreclosure

One57 unit that sold for $21M in 2015 set to hit the auction block later this month
May 31, 2017 08:30AM

A view from inside One57

Billionaires’ Row is headed for its first residential foreclosure.

The owner of a four-bedroom condo at Extell Development’s One57 TRData LogoTINY is facing a foreclosure auction scheduled for June 14, a rarity in the world of uber-luxury pads in the sky, according to the New York Post.

“We rarely see luxury condos up for auction, let alone in such an exclusive building as One57, home to the city’s most expensive condo ever sold,” a spokesperson for Property Shark told the newspaper.

The owner, whose true identity is shielded behind the LLC Central Park Immobilier, bought the 3,466-square-foot apartment facing Central Park in 2015 for $21.4 million. There is a lien on the property in the amount of $20.9 million plus “interest and costs.”

The home has been lingering on the market for 547 days, and has an asking price of $22.5 million.  A source told the Post that the buyer has received several offers, but turned them down because “they weren’t high enough.”

Platinum Properties’ Khashy Eyn, who is listing the property with Cash Bernard, said this is “the first high-end condo to go into foreclosure.”

There were only about 30 residential properties in Manhattan that were scheduled for the first time during the first quarter of the year to head to a foreclosure auction, according to Property Shark.

Extell’s supertall luxury tower holds the record for the most expensive condo sold: a duplex that sold for $100 million at the tail end of 2014. [NYP] — Rich Bockmann