A condo near the top of one of Manhattan’s most exclusive residential towers may face foreclosure after its unknown owner defaulted on a $13.75 million mortgage.
The firm that owns the debt on the 72nd floor unit at 432 Park Ave. is seeking to take possession of the property, according to a lawsuit filed last week. The owner of the three-bedroom, 4,019-square-foot (373-square-meter) apartment hasn’t made a mortgage payment since March, the suit says.
A foreclosure on the apartment -- purchased in 2016 for $30 million, by a buyer whose identity was shielded by a limited liability company -- would be the first at 432 Park, according to PropertyShark. That’s the same Billionaires’ Row tower where a penthouse was recently listed for sale at $169 million.
Foreclosures on Billionaires’ Row -- a cluster of ultra-luxury residential skyscrapers near Central Park’s southern tip -- are rare, said Jonathan Miller, president of appraisal firm Miller Samuel Inc. The towers, built in the aftermath of the financial crisis, drew wealthy global investors who dropped large sums on homes that would rarely be a primary residence.
“There’s very little foreclosure activity in Manhattan,” Miller said. And a foreclosure in a ultra-luxury condo like this one “is somewhat surprising.”
Maverick Real Estate Partners wants to foreclose on the apartment at 432 Park and sell it “on an expedited basis on the grounds that the property is vacant and/or abandoned,” according to the court filing. Maverick, based in New York, bought the mortgage on the condo from China Citic Bank in May, documents show.
A representative for Maverick declined to comment. The LLC listed as the defendant, 432 Park 72A LLC, and the building’s condo board, a co-defendant, couldn’t be reached. The law firm representing the board didn’t respond to a request for comment.
The lawsuit was reported Monday by the Real Deal.
--With assistance from Oshrat Carmiel.
This article was provided by Bloomberg News.