Monday, May 19, 2008

Sign Of The Times: Foreclosure Auction Looms For Apt At "Hearst Mansion"?

The foreclosure bug has reached the Upper East Side. While much has been made about the lack of foreclosures in Manhattan, a perusal of this week's New York Observer legal notices section shows some intriguing, and dare I say posh, locations up for auction next week.
A parlor floor apartment at 24 East 82nd will be auctioned next Thursday on the courthouse steps of 60 Centre Street. This apartment is in a mansion that is rumored to once be owned by The Hearst family or the Whitney family depending on who you talk to (a thorough search of the internet was unable to determine either). Details, as with any foreclosures, are hard to come by, and an inspection prior is generally prohibited. Speaking with someone familiar with the apartment and from a 3 year old listing, it apparently has 2 fireplaces, high ceilings, palladium windows, great moldings, great bones, but needs some work. It is a large floor through 1 bedroom, with estimated square footage of 1200sf (according to source). The apartment was listed last in 2005 for $1.75 Mil.. The bank looks to recover the $1,100,000 default plus interest from 8/1/07 at auction.

Think this is an aberration? Not exactly. Another upscale apartment around the corner at 8 East 83rd. (#11G) is on the block the same day. The bank is short a mere $245,000 on this 1 bedroom apartment and you could practically fall from the attended front door onto Fifth Avenue.

While 2 apartments do not make a trend, and the apartments are on the low end for the area, it sure gets a bit creepy when names like Hearst and Whitney are anywhere near a foreclosure. Their associations are tenuous at best, but there is no doubt the foreclosure trend has at least made a cameo appearance in their neighborhood.

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