Biggest Foreclosure In NYC History Declared

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Another luxury condo at Manhattan’s One57 is scheduled for a foreclosure auction — the second time in a month that a property seizure is being sought at the Billionaires’ Row tower following a mortgage default. And it might be the biggest in New York City residential history.

Apartment 79, a full-floor penthouse that was the eighth-priciest sold in the building, is scheduled for auction on July 19, according to real estate data firm PropertyShark. The owner of the condo, a shell company listed in public records as One57 79 Inc., bought the 6,240-square-foot (580-square-meter) residence in December 2014 for $50.9 million, according to New York City records.

In September 2015, the company took out a $35.3 million mortgage from lender Banque Havilland SA, based in Luxembourg. The full payment of the loan was due one year later, according to court documents filed in connection with the foreclosure. The borrower failed to repay, and now Banque Havilland is forcing a sale to recoup the funds, plus interest.

Michael Lubben, a New York attorney who represents the borrower, according to court records, didn’t immediately return a phone call seeking comment. Read more at BLOOMBERG.

{Matzav}

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