251 west 19th, #3

All that work you've been putting is catching up to you aboutready.
This was that mess we discussed on the downtown thread;

http://www.streeteasy.com/nyc/talk/discussion/7613-if-you-can-demonstrate-market-movement-with-comps-downtown-edition?page=4

which in the end the best explanation provided was by sidelinesitter

sidelinesitter
about 3 weeks ago

Here is the ACRIS link to the transfer. Very interesting, although I can't say I understand everyone's role. What seems clear is that the mortgage was in a mortgage-backed security vehicle on which US Bank acted as trustee, and that in this capacity US Bank foreclosed on the 2006 buyer and auctioned off the property. The buyer, BONY as aboutready points out, was not acting for itself but instead as trustee of a different securitization vehicle, this one for home equity loans. Note that there were two mortgages recorded at the time of purchase. My guess is the following: The first lien ended up in the US Bank vehicle and the HELOC ended up in the BONY vehicle. After the default, the HE lender had to basically buy the property for the value of the first mortgage in order to get the first lien lender out and then be able to sell the property to recover (some of) the value of the HE/second lien loan. If this is sort of correct, expect to see the new owner sell the apartment soon to recover what it can from the mess. The next sale (i.e., real sale, not just payoff of the first lien) will tell you how the second lien made out.
http://a836-acris.nyc.gov/Scripts/DocSearch.dll/ViewImage?Doc_ID=2009072100304001

will be interesting to see what this goes for, and how quickly. truthskr, my head is starting to spin.

I remembered because of the address, I was interested in the PH but it is so overpriced.

http://www.streeteasy.com/nyc/sale/379846-condo-251-west-19th-street-chelsea-new-york

I thought maybe the current owner spent a lot on the fix up but going back on acris, the owner before him was Stephen Dorff. I'm thinking Dorff is the one who fixed it up and the current owner thinks "I'll double down."

BTW: This building already had one short sale:
http://www.streeteasy.com/nyc/sale/94035-condo-251-west-19th-street-chelsea-new-york

But, of course, there are no distress sales in Manhattan... unless there are two in the exact same building one right after the other.

SNs, too great for words. usually i look at as many listings as possible in a building when i'm comparing things, but damn i'm getting a bit fatigued.

also, i don't know if anyone else has noticed, when you do the recorded sales crawl, since they have a month, the new sales recorded often show up deeply embedded within the total. i'd love it if you could sort by date added to SE, rather than date of recorded sale.

there's soo sooo much, but the split screen work, the searching to see if it's already been reported, the efforts to make sure it's a similar unit, it's enough to make a girl's head explode.