The Real Deal New York

One57 could set NYC foreclosure record

June 24, 2017 05:00PM

One57

Yet another sky mansion is scheduled for a foreclosure auction. For the second time in a month, a property seizure is being sought at One57 TRData LogoTINY on Billionaires’ Row.

Following a mortgage default, apartment 79, a full-floor penthouse that cost $50.9 million, is scheduled for auction on July 19, according to PropertyShark and Bloomberg. The apartment was the eighth-priciest sold in the building.

The owner of the 6,240-square-foot spread is an entity called One57 79 Inc., which purchased the unit in December 2014. The entity took out a $35.3 million mortgage from lender Banque Havilland SA, based in Luxembourg, in September 2015. The borrower was expected to pay the loan in full in just one year, but was unable to meet its obligation.

“It’s probably the most-expensive foreclosure we’ve ever seen in luxury development,” Donna Olshan, president of Olshan Realty, told Bloomberg. “I don’t know of a foreclosure that’s larger than that.”

[Bloomberg] Christopher Cameron