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14.07.2016
The second quarter of 2016 saw a surge in first-time foreclosure auctions across the five boroughs to levels unseen in the past 6 years. Almost half of the city’s foreclosure auctions are concentrated in Queens, mostly in its Southeast neighborhoods, an area that’s become known as the epicenter of the city’s housing bust. High foreclosure activity was also recorded in Brooklyn, where the number of auctions scheduled spiked Q-o-Q by 55%.
By comparison, foreclosures in Manhattan and Staten Island are rare, and only 25 Manhattan homes were auctioned off this last quarter.
Two of the properties with the highest lien amounts that were scheduled for auction in Q2 2016 were in Manhattan and Brooklyn. The Brooklyn auction scheduled for June involving a century-old two-family brick house at 354 Grand Avenue in Clinton Hill had a lien of $2.2M in mortgage and penalties. Overall, NYC residential properties getting auctioned off are far more likely to be larger homes, one- and two-family houses. Queens stands out with the largest amount of cases by far (1,345), while Brooklyn numbers, which are also generally high, just recorded a 21% Y-o-Y decrease in Q2 and counted 904 cases. The foreclosed properties taken into account were scheduled for auction for the first time during Q2 2016. Pre-foreclosure data refers to unique properties that received at least one Lis Pendens Filing during Q2 2016. New York NYC Crime Bronx Brooklyn Manhattan Queens Education Weather Obituaries Sports Yankees Mets Giants Jets Knicks Nets Rangers Islanders Football Basketball Baseball Hockey Soccer College High School The Score More Sports News Crime U.S. Follow Us Facebook Twitter Instagram Pinterest YouTube Subscribe Follow UsNewsletter App Subscriptions Subscribe Get Our Newsletter A daily blend of the most need-to-know Daily News stories, delivered right to your inbox.
Billionaire brothers David and Simon Reuben hold the mortgage on the 109-year-old hotel and have scheduled a foreclosure auction for April 26, Bloomberg Business reported Wednesday. While part of the building was converted to condos, the Plazaa€™s hotel rooms, restaurants and retail space will be sold in a package with the trendy Dream Downtown hotel, sources told Bloomberg. The building, a joint venture between famed restaurateur Giuseppe Cipriani and the Witkoff Group, is one of dozens in Manhattan where multiple owners have fallen behind on their mortgages. Foreclosure filings for Manhattan condos more than doubled last year to 725, compared to 2008, when there were only 322 filings, according to real estate data aggregator PropertyShark. It should be noted that only a few dozen of the total Manhattan filings in 2009 were auctions, the last stage in the state’s notoriously long foreclosure process.
Some homeowners intentionally fall into pre-foreclosure to encourage the bank to lower their interest rate, which can shave thousands of dollars off their monthly payments. This month, The Real Deal researched a top-10 list of buildings in Manhattan (see below or click here for the accompanying chart) with the most units that received a pre-foreclosure filing at any point between March 2009 and the middle of last month (there were no auction filings in these buildings). All but two of those buildings (there are actually 11 on the list because of ties) are condos completed at the peak of the market, and none are in discount neighborhoods. Five of the buildings on the list had distress rates higher than Jamaica, Queens, considered the epicenter of the city’s foreclosure crisis, where one out of every 17 homes has received a foreclosure filing over the past year.
Other buildings on the top 10 list are so large that the overall percentage of distressed units is relatively low. Similar to low-rise neighborhoods with a high concentration of distress, industry experts said everyone who owns a unit in a building with multiple apartments in distress is vulnerable, particularly if they’re trying to sell. Plus, condos have one major twist — ­common charges, which often go unpaid when an owner hits rocky financial waters.
The board governing one condo on the list increased monthly charges 15 percent because at least one investor, who owns a dozen units in the building, is in arrears, said a board member who requested anonymity. Tellingly, all but two of the buildings on the list, Worldwide Plaza and 130 Barrow Street, are new. Investors own many of the distressed apartments in these buildings, but plans to rent and then flip them for huge profits were spoiled by the financial collapse in 2008 that was followed by overall price drops of roughly 25 percent.
The Real Deal estimated the monthly carrying costs on a dozen apartments with lis pendens filed against them, based on publicly filed mortgage documents and the taxes and common charges disclosed in the buildings’ real estate ads.
Even when listed at big discounts, the numbers on these apartments don’t always work for new buyers, at least without a sizable down payment.
At the time the conversion was finished in the cash-flush days of 2006, it was said that Cipriani’s celebrity status alone added 20 percent to prices there.
Ziotto said prices at the Cipriani only work for people who plan on living there for several years until the market picks up, investors who have a large down payment, or perhaps international travel agents with plans to rake in more cash renting the apartment like a hotel.


Pari Passu broker Susie Park was marketing one of the 19 apartments with a lis pendens filed against it within the last year at 200 Chambers Street, a 258-unit tower in Tribeca finished in 2007. At the Downtown Club on 20 West Street, also by the Moinian Group, 12 of the tower’s 283 apartments are in pre-foreclosure.
City Connections Realty broker Edward Longley, who is marketing one of those apartments, said his investor client was losing up to $1,500 a month renting the apartment. By Longley’s account, the owner never actually made enough to cover the monthly payments. Second mortgages or lines of credit complicate matters, because that subordinate creditor is second in line to be paid, and will often take more aggressive action against a debtor. Unlike co-op boards, which are first in line to be paid when a distressed apartment is sold, West of Greenthal Management said condo boards are the last. Therefore, the boards will often file an official lien on the property, and only waive their right to refuse a new buyer if the bank agrees to pay them upon closing the sale. Sometimes the board even moves to foreclose on the property itself to force payment, which is the case with some of the apartments on the list. Multiple liens affect other owners trying to sell in that building because they make banks generally leery of lending there, said Jonathan Miller, president of appraisal firm Miller Samuel. And if too many owners are in arrears on their common charges, banks sometimes deny refinancing applications from others in the building who are making their payments on time.
That’s what Park said she did to lower the interest rate for a condo she owns at the Downtown Club, which had a lis pendens filed against it last July. And the foreign investor at the Cipriani Club who owns several units in pre-foreclosure claimed that he is intentionally not paying the mortgage so the bank will modify his loan, said a source within the building. Unfortunately, his business declined along with the economy, leaving him with no money to put toward equity. Mario Procida of SDS Procida, the building’s developer, expressed remorse for the struggling owners in his building but declined to comment further on the matter.
Foreclosure filings for Manhattan condos are on the rise and new condo buildings have been particularly hard-hit. Sources: The lists of auction and lis pendens filings in Manhattan were provided by PropertyShark.
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A Manhattan condominium owned by a financially troubled Italian film producer was sold in a foreclosure auction for $33.2 million, the highest price paid for Manhattan apartment this year and a sign that New York real estate prices are stabilizing. The new buyer paid the lofty price of more than $6,000 a square foot even though the apartment was in ruins after being gutted by Mr.
The price in the current deal underscores signs of recovery in luxury housing in Manhattan in the last few months, after an extended period of sluggish sales and falling prices.
Last June, when sales in the Manhattan market were still largely stalled, a Russian businessman agreed to pay $18 million for the apartment, in Trump International Hotel and Tower. That led to a formal auction, which was held in January and continued for five hours and 35 rounds of bidding between two of the bidders, brokers said. The loan was secured by three houses, in New York, London and Los Angeles, each of which has now been sold.
There were 673 properties scheduled for the first time to auction, up 33% Y-o-Y, and up 31% compared to Q1 2016. This stands somewhat in contrast with the constant upward pace in home prices in the past years, however, most of the properties involved are concentrated in the eastern part of the borough, a substantially less wealthy area than the blooming Williamsburg, Downtown and Central Brooklyn. Zooming in on Brooklyn, the highest foreclosure activity was recorded in the areas of Southeastern Brooklyn, Canarsie, East Flatbush, East New York and City Line, with lien averages falling in the range of $400K-$500K. 4 of them are located in Midtown’s zip code 10019, while South Island’s 10312 had the highest density of new foreclosures in Staten Island, recording 11 first time scheduled homes last quarter. In Manhattan, a huge 6-bedroom SoHo triplex that resulted from combining 3  penthouse units at 95 Greene Street, and the subject of a very public feud between its celebrity owners and the building’s board, was scheduled for auction after owners failed to come to an agreement over terms of sale.
While foreclosed condo and co-op units are comparatively rare, over the past 3 quarters the already high number of foreclosed houses has been on the rise and reached a new peak in Q2 2016 – close to 550 auctions in total. They are all residential properties that are either single-family or two-family homes, or condo or co-op units. Half are either listed for rent or sale, some at 30 percent less than what the previous owner paid only a few years earlier.


At the Cipriani, eight of the 106 units in the building are in distress, and several of those are owned by the same investor, as is the case in other buildings. Eventually, if a large enough percentage of owners don’t pay their common charges, everyone else has to pay more, or the building must cut maintenance and service costs, said William West, CEO of property management firm Charles H.
In every case, the total carrying costs significantly exceeded the rental listing price for a comparable apartment in each building.
However, it’s been on the market for eight months (slightly longer that the 203-day average for condos that Miller Samuel calculated for 2009). Each apartment came pre-outfitted with designer furniture and flat-screen televisions in every bathroom. He said the last renter was planning to buy the apartment at the short-sale price, but instead signed a contract for one of the larger, remaining sponsor units. Like the Cipriani Club investor, the owner of this one-bedroom financed more than 80 percent of the purchase through two mortgages, records show. That apartment was listed for rent in August for $6,500, according to the listings aggregator StreetEasy. The one-bedroom was purchased for $660,000 in 2007, and it has been sporadically listed for sale for $499,000 for more than a year.
The following is a top-10 list of the buildings in Manhattan with the most individual units that had foreclosure filings against them sometime between March 2009 and mid-February 2010, according to PropertyShark data compiled by The Real Deal. Atelier at 635 West 42nd Street in Clinton by the Moinian Group: 21 units, or 4 percent of 478 units, had foreclosure filings. Downtown Club at 20 West Street in the Financial District, by the Moinian Group: 12 units, or 4 percent of 283 units, had foreclosure filings. 1600 Broadway on the Square in Times Square, by Sherwood Equities: 10 units, or 7 percent of 139 units, had foreclosure filings. The Moinian Group, Sherwood Equities, Millennium Partners and Douglaston Development did not respond to requests for comment by press time. It followed a series of high closing prices on other luxury cooperatives and condominiums last December.
After the deal with the Russian businessman collapsed, four buyers stepped forward late last year and made offers at or above $18 million, according to Howard Margolis, the broker at Prudential Douglas Elliman who worked on the sale for the last year. But brokers in the building said the actual buyer was a Chinese businessman involved in manufacturing. Cecchi Gori's financial troubles predate the latest recession, and involve complicated allegations of a bankruptcy fraud in Italy that date back years, and that put him in jail for a time. Checchi Gori's Los Angeles production company, Checchi Gori Pictures, said the film producer expected to be completely vindicated by the Italian courts, and was currently involved in several film productions.
Cecchi Gori bought in 1997 for $10.4 million, also was owned at one point by developer Donald Trump, who paid $5 million for it in 1997.
Trump separated from his then-wife, Marla Maples, he listed the apartment for rent at the then-astronomical sum of $100,000 a month. Queens, Brooklyn and the Bronx  recorded substantial increases in foreclosure activity, while Manhattan and Staten Island saw a drop compared to the previous quarter. Furthermore, the Bronx has reached an all-time high in terms of foreclosure numbers, with a 47% Y-o-Y surge.
Ultimately, he said the bank agreed to move his unpaid balance to the principal and reduce his interest rate from 6.2 percent to 3 percent. If more than 3 units were referenced on the same Lis Pendens filing they were not counted at all in order to avoid counting entire buildings under Lis Pendens. 2, for whom technically there’s no money, is not agreeing to cooperate, to such an extreme that Bank No. While those apartments only represent a tiny percentage of larger buildings like the Orion Condominium, the percentage becomes more significant in smaller buildings like the Cipriani Club Residences, where one in every 13 apartments had a filing. Since there’s no public filing indicating that an owner satisfied the outstanding balance with the bank, some of these foreclosures may have been worked out.




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