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Fifth Avenue Co-op Heads to Foreclosure Auction This Week

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A co-op at 1016 Fifth Avenue will be taking the walk of shame down to the State Supreme Court at 60 Centre Street this Thursday, when it goes up for, uh oh, a foreclosure auction. Broker-blogger Malcolm Carter spotted the auction notice and guesses that the unit in question, #8D, is worth more than $3 million. (There are two 2BR units currently on the market in the building, for $4.975 million and a pricechopped $3.5 million.) A foreclosure auction in a building like 1016 Fifth is always noteworthy, but there are a few extra twists in the story here.

Carter notes that the co-op belonged to one Rita Haberman, now deceased?but Haberman actually died in 1983, and her daughter Dorothea H. Levine, the executrix, doesn't live in the apartment, according to some StreetEasy posters' investigations. Levine paid maintenance on the place anyway until February 2011, when payments stopped and legal action (Warning: PDF) began. An old Times story offers a clue as to Levine's financial woes: she is also the landlord of a Washington Heights building where many residents had been on a rent strike for two years as of December 2008. Which could certainly lead to some landlord cash flow problems.

UPDATE: Carter now hears that the auction isn't going forward this week. Anyone know more? Please do tell!

All that backstory is likely to have little impact on a prospective auction bidder for 1016 Fifth, of course. So what do we know about that unit? Not much! The auction announcement is lacking in detail, and there haven't been any public listings of #8D. Another apartment in the D line is now on the market, though. Here's the floorplan for 10D:

· Auction notice: 1016 Fifth Avenue [NYDN]
· Foreclosure auction set for multi-million dollar Fifth Avenue co-op opposite the Met Museum [Malcolm Carter]