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Foreclosed Chelsea Homeowner Experiencing Deju Vu

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The penthouse at 121 West 19th Street shook our world when it hit the market as a foreclosure sale in early 2008. It was asking $3.7 million, but apparently there were no takers and foreclosure proceedings continued, because the folks at PropertyShark tell us the apartment is now scheduled for auction on July 28th. It has a $3.2 million lien, which makes it, according to PropertyShark, Manhattan's priciest condo foreclosure scheduled so far this year. Hopefully the owner will use this as a learning experience for his future real estate purchases. Or not! Turns out he's been in this situation before.
The owner of the 121 West 19th Street penthouse has already lost one nearby property to foreclosure, apartment 3C at 251 West 19th Street. He purchased it for $2.3 million in 2005 and failed to sell it at an ask of $3.4 million once foreclosure proceedings started. The bank took it back at auction last June for only $1.2 million (and resold it for slightly more). Somebody call Underwater Homeowners Anonymous?it might be time for an intervention.
· 121 West 19th Street [PropertyShark]
· On the Market: Chelsea Penthouse Foreclosure Sale [Curbed]

251 West 19th Street

251 West 19th Street, New York, NY 10011