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New York Penthouse Most Expensive Repossession

Sunday, July 30, 2017 - Posted by Michael McCulloch

A unit located in building One57, a prestigious address in New York, looks likely to be repossessed by the mortgagee.

The building, nicknamed "The Billionaire Building" is a 75-story super tall skyscraper offers residents expansive views over Central Park and set several sales records over the years including the sale of a penthouse unit which sold for US$100 million in January 2015. Streeteasy.com records 25 active sales with an average selling price of US$11 million and rental returns of US$21,000 per month.

The unit looks set to set to record the most expensive property to be auctioned by a mortgagee in possession. The four bedroom unit sold for US$50.9 million in December 2014 with the purchaser allegedly borrowing US$35.3 million from Banque Havilland with the debt to be paid by September 2016.

As the mortgage has not been repaid to date Banque Havilland have now taken possession with auction set down for July 19.

Reports indicate that this is the second unit in the building to face foreclosure with another unit on the 56th floor selling for US$21.4 million in July 2015.

Source: The Australian - New York Skyscraper One57 Might Set Record for most Expensive Repossession


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