Sale at 125 Central Park North #PH5

Building's been a bit of a cheese show. This (from the listing) is curious:

"Tax abatement with $0 taxes until Year 2023"

Said to be a J-51 abatement. Maybe I'm the fool (again) and this is, in fact, the case?
But I've never heard of such an abatement.

Falco! we live on! Hope youre well.

It's "whom", by the way.

I know it's high concept staging, but that bed!

Not wild about the floorplan either: bedrooms too small & boxy, with closets apparently an afterthought. LR is just over 10' wide, which makes arranging furniture a bit of a joke. I'd be tempted to remove the BR adjacent to the LR, and have one long LR/DR area (or bowling alley). Also get rid of the hall closet adjacent to the stairwell.

It's still owned by East River Mortgage Corp., which sounds grand but is just this guy who bought distressed properties and tried to flip them. ERMC's bankruptcy case(s) were settled back in May.

The city's site shows $0 taxes because of J-51, ending in 2023, but doesn't say whether it ramps up over the years the way 421a does.

What is the thing where a bed would normally be?

I don't know what that thing is but how 'bout just a mattress & box spring on the floor? At least that wouldn't bring to mind a bed of nails! The white on white on white theme is VERY 'Clockwork Orange', what?

An Ikea wall organizer laced with satin mosquito netting. Very uptown. Mattress should go atop the thingy and used as a frame.

In contract?
Sold at auction?
What auction, I was told it was canceled...
Very fishy deal

Three months ago I said it was still owned by the bankrupt East River Mortgage Corp.

That was wrong. It'd already been sold on 10/26/12 for $1,025,000, but that deed hadn't been recorded. It wasn't recorded until a year later:

DOC. DATE: 10/26/2012 RECORDED / FILED: 10/30/2013 11:18:33 AM

So, the history is:

09/2006: Speculator #1 buys it for $1.7M, never pays CCs and is foreclosed upon by the condo
02/2012: Speculator #2 buys it for $1.4M at foreclosure sale, later goes bankrupt
10/2012: Speculator #3 buys it for $1.0M from Speculator #2
07/2013: Speculator #3 lists it for $2.2M, and it's now in contract.

There is an assumption by a lien holder that the property is still vacant. They presume it has a lockbox on the property.....It is still in distress

Thanks NWT
I followed this one hard and got lost along the way.
1M purchase was a coup!