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If you have the time and interest...
I viewed this apartment several years ago, the ask was 1.8MM:
It caught my eye but for the ask or anywhere near, I was not interested so I placed it on my watch list and forgot about it.
Recently while checking on a near by property so I checked in only to find that it had been sold at an amount (1.4MM) that would have suited me just fine. I had remembered that there had been problems in the building but could not remember what they were.
So who was the lucky duck who scooped this purchase you ask?
On feb 28, 2012 the East River Mort. Corp. was the buyer.
So I'm thinking...who is the Mortgage company?
So I Google around and click on this:
Is this company filing for chapter 11 two days after this purchase??
There's a story here that I can't untangle that seems very interesting.
What is the story of the property today?
The original $1.7M buyer in 2006 thought he'd make a killing, loaded it with $1.85M in debt within a few months, and never paid his CCs. He couldn't sell, the condo foreclosed on him, and East River Mortgage bought it at the auction.
The city considered the consideration to be $1.4M, but the deed says $70,000. Maybe the $70K is the amount over all the liens. (I don't know from foreclosure procedure.)
East River Mortgage is not a lender or bank. It's one guy whose business plan was to buy distressed properties and flip them. Didn't pan out, as the bankruptcy filing lists $10M in liabilities and $5M in assets. Just this property, a midtown-east condo, and a few in Brooklyn.
I think the bankruptcy court will force a sale at another auction, but I don't know from bankruptcy procedure either. The departed 30yrs could figure it all out and put it in a nutshell.
1) Bravo. All bow to the great NWT
2) All then move on to praying for the return of the great 30yrs
Falcongold: You also missed this steal next door http://streeteasy.com/nyc/sale/61254-condo-111-central-park-north-central-harlem-new-york
Saw a great ph there several years ago as part of a Jaguar car promo. . Came out, saw the rats on the sidewalk as we went for the car. Not a great incentive to buy , despite the fabulous view
of the park.
at least it was a penthouse.
Its now being auctioned: http://streeteasy.com/nyc/closing/2024327
Bid it, Falco! Starting bid is $950K.
puffffffff......$450K gone in a YEAR!
But ALL WE MANHATTANITES MAKE MILLIONS$$$$$$$....... tis but a FLESH wound.
i only look at penthouses...exclusively
Penthouse on CPN overlooking the park, or penthouse on East 41st St: which would you prefer?
I remembered that there had been some controversy with the developer ~
is there an update on the condition of the building?
Love the 11' X 13' "master bedroom", and the "private roof terrace" which happens to also be accessed by both of the building's firestair. And of course, firestair exits to the roof cannot be locked off, only alarmed (well, at least you'll know when someone from elsewhere in the building is sunning themselves on your terrace). And the neighborhood, is just wonderful - central Harlem is of course one of the best neighborhoods in Manhattan - LOL
But the views are great.
And the living/dining room, at under 11'wide (and that's developer's measurement so probably overstated) and 35' long can double as a bowling alley.
Hey Ino - definitely 41st street - (though that's not where I live).
Or to quote Yikes, aka Wbottom - the CPN apartment is " crappy penthouse, in crappy building,in crappy neighborhood" LMFO
Got it, E 41st St is definitely preferred by you. I am guessing the market sees it otherwise. PH4 sold for over $1000 ppsf in 2009 despite the well-publicized construction problems in the buildings, putting it ahead of most of E 41st St I imagine.
How about E 41st St vs. the apts facing the park from the other 3 sides? Still E 41st St, or are those deserving of some respect over E 41st? I wanna see how deep the rabbit hole goes.
weird...i have witheld comment on the CPN penthouse...not sure where you got the quote, but iknow i wasn't refering to this penthouse...must be confusing, trafficking in penthouses the way you do
> Love the 11' X 13' "master bedroom", and the "private roof terrace" which happens to also be accessed by both of the building's firestair. And of course, firestair exits to the roof cannot be locked off, only alarmed (well, at least you'll know when someone from elsewhere in the building is sunning themselves on your terrace). And the neighborhood, is just wonderful - central Harlem is of course one of the best neighborhoods in Manhattan - LOL
> But the views are great.
ROFLMAORH ... pause ... ROFLMAORH ... pause ... ROFLMAORH
Someone was willing to dish out $1.4M for in back in Feb ...
> And the living/dining room, at under 11'wide (and that's developer's measurement so probably overstated) and 35' long can double as a bowling alley.
Hey, that 35' long LR is gonna be "cut" into 3BRs .. BULLISH*T .. time to add another $2M AT LEAST to the ask .. this is easily worth $3.5M ... at least! ... ROFLMAO
Anyone know the results of the auction?