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Aby Rosen's Upper East Side home temporarily saved from the auction block

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The 12,000-square-foot property was originally set to be auctioned on June 27

5 East 80th Street
Via Douglas Elliman

UPDATE 6/29/17: Aby Rosen’s Upper East Side townhouse has been saved from the auctioning block for now, The Real Deal reports. The East 80th Street townhouse owned by the country Niger was set to be sold on June 27 since the country had defaulted on paying $46 million last year. A judge has now ordered a stay saying the sale would be harmful to the country. Rosen, who has been renting the property for the last 15 years, had already announced his intention to purchase the townhouse if it went on sale.

Developer Aby Rosen’s Upper East Side rental, less than a block away from The Met, is set to hit the auctioning block next month, The Real Deal has learned. Rosen has been renting the six-story townhouse owned by the country Niger for the last 15 years, according to TRD, but the house is no longer Niger’s to rent.

UPDATE: (5/24/17) As many of our commenters noted, Rosen has since confirmed to the New York Post that he is hoping to purchase the home at auction next month. He said he still had a 15-year lease on the property, which would potentially make it unappealing to other buyers.

Earlier this year a New York judge ruled against the country in a suit filed by creditor, Africard. The company claimed that Niger had not honored a contract to create identity cards, in a separate suit which it won three years ago. The New York judge ruled that Africard could seize the townhouse at 5 East 80th Street as part of that judgment.

The six-story limestone mansion spans 12,000-square-feet and has undergone extensive renovations courtesy of Rosen, according to TRD. He apparently rents it for significantly less than the market value, and the minimum bid on the property, at $15 million, is also significantly less than its actual value, the broker on the property told TRD. He estimates that it will likely sell for more than $40 million.

Rosen will have the right to purchase the property when it comes to auction on June 27, but he hasn’t discussed his plans just yet, and declined to issue a comment to TRD.

Original article published 5/23/17