Manhattan’s One57 boasts opulently luxurious condominiums, expansive views of the New York City skyline, and price tags that exclude all but the ultra-wealthy. Oddly, the property is now experiencing its second foreclosure in a month. Apartment 79 is a full-floor penthouse, the eighth most expensive space in the building, that sold for just over $50 million. The shell company that owned the property failed to pay back a $35.3 million mortgage. The default represents one of the most expensive foreclosures ever seen in luxury development. Until last month, no property in this high-end area had been subject to foreclosure auction.
See Oshrat Carmiel, A Second, Even Bigger Foreclosure Reaches NYC Billionaires’ Row, Bloomberg Pursuits, June 23, 2017.
Special thanks to Lewis Saret (Attorney, Washington, D.C.) for bringing this article to my attention.
