Skip to main content
Fulltext search
FILTER RESULTS BY:
RECOMMENDED IN RENT
Moving to NYC after college? Here's how to find a rental apartment
RECOMMENDED IN BUY
How buying real estate in NYC is unlike anywhere else
RECOMMENDED IN SELL
A guide to using a no-fee renovation loan from a NYC real estate firm
RECOMMENDED IN IMPROVE
How to make your NYC renovation more pet-friendly
BEST REAL ESTATE WEBSITE!
National Association of Real Estate Editors
BEST REAL ESTATE WEBSITE! National Association of Real Estate Editors
Brick Underground
Social Links
follow:
  • Facebook
  • Twitter
  • Instagram
  • Flipboard
  • search
Brick Underground
☰ Brick Underground
Brick Underground
Brick Underground
☰
Brick Underground
  • Buy
    • Buy
    • The Market
    • Investing
    • New Construction + Condos
    • Affordable Housing
    • Co-ops
    • Negotiating + Financing
    • How to Buy in NYC Guide
    Haley and JP move to Prospect Lefferts Gardens
    New Construction + Condos
    From Prospect Heights to Prospect Lefferts Garden: We wanted three bedrooms so we could each have a home office
    An image of the top of a brick New York City apartment building, including its parapet.
    Design + Architecture
    Parapet inspections: What NYC boards and building owners need to know about Local Law 126
    one-bedroom condo at 702 Hancock Street
    The Search
    7 reasons why ground-floor apartments are desirable—instead of dealbreakers
  • Rent
    • Rent
    • Affordable Housing
    • Roommates + Landlords
    • The Market
    • The Search
    • How to Rent in NYC Guide
    Apartment buildings at Grand and Crosby streets in Soho, Manhattan
    Affordable Housing
    Ask Altagracia: My mom is moving out of our rent-stabilized apartment. How do I take over the lease?
    Sponsored By Outerbridge Law P.C.
    Tenant protest outside Rent Guidelines Board preliminary vote
    Affordable Housing
    Rent Guidelines Board intends to raise stabilized rents for a fourth time
    A beautiful pink flowering cherry tree next to an old brick residential building with a fire escape in Astoria Queens New York during spring
    The Search
    A wet, hot, broker fee-free summer? A major change to rental broker fees is supposed to start in June
  • Sell
    • Sell
    • Staging + Open Houses
    • Negotiations + Closings
    • Getting Ready
    • How to Sell in NYC Guide
    Madison avenue and East 67th Street, Manhattan, New York City
    Sell
    Median sales price for Manhattan co-ops and condos jumps to $1,165,000
    new condo building and older co-op buildings in Prospect Heights, Brooklyn
    Sell
    Brooklyn median price nears $1 million but the spring market is a question mark
    View of NYC condo buildings from New Jersey
    Sell
    Private listings: What NYC sellers and buyers need to know about the off-market controversy
  • Live
    • Live
    • Neighbors
    • Kids + Pets
    • Neighborhood Intel
    • Products + Test-drives
    • Troubleshooting
    FlatRate moving brick underground
    Live
    How to troubleshoot your move in advance
    Sponsored By flatrate
    big apple moving NYC
    Troubleshooting
    How can I save money when hiring a moving company in NYC?
    Sponsored By Big Apple Moving
    Houses and apartment buildings in Queens, NYC
    Troubleshooting
    Mayor Adams is bringing the tax lien sale back. Here’s how to get your property off the list
  • Improve
    • Improve
    • Small Spaces
    • Small Projects + DIY
    • Renovations
    • Design + Architecture
    • Products + Services
    • How to Renovate in NYC Guide
    An image of the top of a brick New York City apartment building, including its parapet.
    Design + Architecture
    Parapet inspections: What NYC boards and building owners need to know about Local Law 126
    solar panels on a small house roof
    Design + Architecture
    Simple Yet Powerful Steps To Turn Your Apartment Eco-Friendly
    Sponsored By Ecoflow
    This is a photograph of a street in the Upper West Side in NYC viewed from the Summit in Central Park through bare tree branches.
    Renovation
    Fewer buyers, steeper rents, and costlier renovations: How tariffs could impact NYC real estate
  • Boards & Buildings
    • Boards & Buildings
    • Boards
    • Finance
    • Insurance
    • Legal
    • Property Management
    • Structure & Systems
    • Sustainability
    Burned and Boarded Up Windows
    When should your board hire a public adjuster?
    Manhattan GM
    What should we consider when renewing insurance for our building?
    Facade of NYC buildings
    How much is insurance on a NYC co-op or condo building?
  • Advertise
    • Advertise with us
    • Sponsored Content
    • Experts
    FlatRate moving brick underground
    Live
    How to troubleshoot your move in advance
    Sponsored By flatrate
    Apartment buildings at Grand and Crosby streets in Soho, Manhattan
    Affordable Housing
    Ask Altagracia: My mom is moving out of our rent-stabilized apartment. How do I take over the lease?
    Sponsored By Outerbridge Law P.C.
    big apple moving NYC
    Troubleshooting
    How can I save money when hiring a moving company in NYC?
    Sponsored By Big Apple Moving
  • Brick Report
  • About Us
  • About Us
Email Address
Fulltext search
FILTER RESULTS BY:
New Main menu
  • Buy
    • Buy
    • The Market
    • Investing
    • New Construction + Condos
    • Affordable Housing
    • Co-ops
    • Negotiating + Financing
    • How to Buy in NYC Guide
  • Rent
    • Rent
    • Affordable Housing
    • Roommates + Landlords
    • The Market
    • The Search
    • How to Rent in NYC Guide
  • Sell
    • Sell
    • Staging + Open Houses
    • Negotiations + Closings
    • Getting Ready
    • How to Sell in NYC Guide
  • Live
    • Live
    • Neighbors
    • Kids + Pets
    • Neighborhood Intel
    • Products + Test-drives
    • Troubleshooting
  • Improve
    • Improve
    • Small Spaces
    • Small Projects + DIY
    • Renovations
    • Design + Architecture
    • Products + Services
    • How to Renovate in NYC Guide
  • Boards & Buildings
    • Boards & Buildings
    • Boards
    • Finance
    • Insurance
    • Legal
    • Property Management
    • Structure & Systems
    • Sustainability
  • Advertise
    • Advertise with us
    • Sponsored Content
    • Experts
  • Brick Report
  • About Us
    • About Us
    • Advertise
  • About Us
SUBSCRIBE TO OUR NEWSLETTER →
Social Links Footer
  • Facebook
  • Twitter
  • Instagram
  • Search
Neighborhood Intel [ SPONSORED ]

Buyers, take note! This bank-owned Chelsea condo is a potential score

By Property Shark  | June 24, 2014 - 9:59AM
image
SHARE:
Share to Facebook
Share to Twitter
Print
More...

In this edition of the PropertyShark Foreclosure Spotlight, we’re examining a Chelsea condo that failed to sell at a foreclosure auction and is now owned by the bank, known as a real estate-owned, or REO, property. This apartment could be yours for less than it's worth,  but should you put in a bid? A look at the detailed property report from real estate data powerhouse PropertyShark.com may help you decide.


The basics:

Address: Chadwin House, 140 Seventh Avenue, Apt. 5P

PropertyShark property report: For basic information, click here. To unlock a free comprehensive report, register first, then click here.

Size: 620 square feet; likely a one-bedroom

Building: seven-story, 109-unit post-war elevator condo with 31 commercial units

Most recent sale price: U.S. Bank bought it for $715,000 in April 2014

Foreclosure type: Unpaid mortgage

Past lien amount: $895,320


The facts:

As we covered in more detail last month, REOs are properties owned by a lender, such as a bank, government agency, or government loan insurer, that never sold at auction, either because the lender didn’t get the minimum bid, or for other reasons. Buyers can often get them at a discount because banks are eager to get them off their books. For more REOs available in the city, check out PropertyShark's database of foreclosures and click on the REO tab.

In this case, the owner of the Chelsea condo bought it in 2005 for $721,000, and took out a mortgage for a total of $684,000, public records show. By 2006, he’d borrowed $850,000, and by 2008, the bank had filed a lis pendens against him, indicating that he wasn’t making mortgage payments, as you can see in Section A10: Sale & Property History on the PropertyShark property report.

A total of six foreclosure auctions with two different banks were scheduled for this apartment between 2010 and this past April, as you can see in Section A8: Foreclosure. The most recent lien amount was for $895,320, which gives you some idea of what the bank was trying to recoup. Ultimately, U.S. Bank bought the condo for only $715,000--about $6,000 less than the purchase price in 2005.

Above, a history of the sales and foreclosure activity for this Chelsea condo indicates how much the bank paid for it

What else you need to know:

1. This could be a great deal

Since this is a REO property, you’ll have to make the lender an offer for it. But depending on what the bank will take, you could still get a pretty good bargain. 

To get a sense of how much to bid, run a Comparables search by clicking on the tab in the upper right hand corner. This will pull up the sale prices of condos in the building and the area, as well as when they sold. Also, you can see in Section A6: Comparable Sales in Building that the apartment directly downstairs--a 620-square-foot one-bedroom, one-bathroom unit--sold for $850,000 in March.

Above, this one-bedroom on the fourth floor sold for $850,000 in March, giving you a ballpark price for similar apartments

Along with details on the lien amount and most recent deeds, the property report also has information on title documents, building permits, code violations and the neighborhood, so you can be as informed as possible about what you're bidding on--and justify your offer.

2. Details on putting in a bid

Since it’s owned by a bank, you’ll have to contact the institution directly to bid on this condo. (A quick online search for U.S. Bank returns helpful contact details which can be used to pursue the potential deal.)

Also, keep in mind that if you’re looking to buy a distressed property like this one, consulting an experienced attorney or specialized broker is a very smart idea. The plaintiff’s attorney for the foreclosure process, listed in Section 8. Foreclosure, can also be contacted for additional information.

3. What shape is the condo in?

Many REOs are sold vacant, meaning they can be in all sorts of different conditions, and since this condo is not on the market, you won’t get a traditional open house. Contact the bank to see if you can view the property before submitting a bid.

Also, Section B2: Building Contacts provides contact details for condo board members and property managers at the building--a great resource for information on the condition of the apartment. 


PropertyShark.com is a real estate website that provides in-depth data for more than 75 million properties in New York City, Philadelphia, Los Angeles, San Francisco Bay Area, and other major U.S. markets. The company covers most of the U.S. with a primary focus on the New York real estate marketplace. Click here to see what services and data are offered in your area.

More from PropertyShark.com:

Attention buyers! This Midtown condo could be yours for cheap

Heads up, buyers! This Midtown West co-op could be yours at a steep discount

This Tudor City co-op could be yours for cheap

Map of the Month: Unearth foreclosures and pre-foreclosures across NYC

QuickTip: How to check for liens before you make an offer (and why you should)

How to buy an apartment that's not for sale

How to find the real owner behind an LLC

3 more ways to find the real owner of a NYC property

Brick Underground articles occasionally include the expertise of, or information about, advertising partners when relevant to the story. We will never promote an advertiser's product without making the relationship clear to our readers.

topics:

appraisal Chelsea condos foreclosure PropertyShark Foreclosure Spotlight
SHARE
TWEET
BRICK’S PICKS
Historic brick facades of NYC apartment buildings
Getting overcharged by a landlord? Here’s how the Tenant Protection Unit helps rent-stabilized tenants
Apartment buildings in Soho
New Rent Guidelines Board report justifies a rent freeze, tenant advocates claim
Brooklyn apartment buildings
Understanding net effective rent: Here's how to calculate your real monthly rent
image
How much should you renovate your NYC apartment or house before selling?
Council Member Shahana Hanif hold press conference before the City Council vote on Arrow Linen spot rezoning.
City Council signs off on 10-story towers for Arrow Linen site
couple standing close, only jeans-clad legs showing
Can my boyfriend claim ownership of my condo if we break up?
Follow Brick on Instagram
@brickunderground | #brickunderground
Brick UndergroundBRICK UNDERGROUNDREAL LIFE. REAL ESTATE. REAL NEW YORK.
Social Links Footer
  • Facebook
  • Twitter
  • Instagram
  • Search
Main menu footer
  • Buy
    • The Market
    • Investing
    • New Construction + Condos
    • Affordable Housing
    • Co-ops
    • Negotiating + Financing
    • How to Buy in NYC Guide
  • Rent
    • Affordable Housing
    • Roommates + Landlords
    • The Market
    • The Search
    • How to Rent in NYC Guide
  • Sell
    • Staging + Open Houses
    • Negotiations + Closings
    • Getting Ready
    • How to Sell in NYC Guide
  • Live
    • Neighbors
    • Kids + Pets
    • Neighborhood Intel
    • Products + Test-drives
    • Troubleshooting
  • Improve
    • Small Spaces
    • Small Projects + DIY
    • Renovations
    • Design + Architecture
    • Products + Services
    • How to Renovate in NYC Guide

Get more news you can actually use...

Email Address

Delivered to your inbox weekly - for free.

*By signing up you agree to receive occasional emails on behalf of our sponsors

Footer Menu
  • About Us
  • Advertise

Copyright 2009-2024 by BND Ventures Inc | Privacy Policy | Terms of Service | Ad Choices | Login