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Eligible Buyers Only Need $80K To Bid On This Penthouse

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Our jaws dropped when we spotted a Manhattan listing on StreetEasy for just $80,000, but the apartment, a penthouse at 458 West 146th Street way up in Hamilton Heights, is a member of the five-digit club for a reason: bankruptcy. The 1,700-square-foot unit, which also has a 1,600-square-foot private rooftop terrace, is being auctioned off by David Maltz & Co. on February 6th, and interested buyers need to have just $80,000 to be eligible to bid. According to the listing, the "property will be sold free & clear of all liens, claims and encumbrances"—Property Shark shows a lien was filed against the property in July 2011 for $1.08 million—and "all prospective bidders must present a bank check in the amount of $80,000 made payable to 'Gregory Messer, Esq., as Chapter 7 Trustee.'" A five percent "buyer's premium" will be added to the successful bidder's price to determine what will actually be paid, and the buyer's broker will also receive a 1 percent commission.

The condo sold for $1.2 million in 2007, the year the project was completed. The eight-unit building is a conversion located in a carriage house that's more than 110 years old. Despite it's location in the far reaches of Manhattan, the place seems pretty nice—hardwood floors, high ceilings, private deck, historic building—so it will probably see a lot of interest. Any thoughts on how much it will sell for?
· 458 West 146th Street, Unit PHS [Maltz Auctions]
· On the Block archives [Curbed]