Foreclosure of the Week: 549 Henry Street
Here’s one of the more interesting foreclosure sales we’ve seen in a long time: The four-story brownstone at 549 Henry Street in Carroll Gardens is scheduled to hit the auction block today. In addition to being a nice looking building, the lien amount of $846,966 also strikes us as being less than the market value…
Here’s one of the more interesting foreclosure sales we’ve seen in a long time: The four-story brownstone at 549 Henry Street in Carroll Gardens is scheduled to hit the auction block today. In addition to being a nice looking building, the lien amount of $846,966 also strikes us as being less than the market value of the property. Of course, when that’s the case, the property in question has a way of not making to auction so we’ll see how this one goes. What do you think it’s worth?
549 Henry Street Foreclosure [Property Shark] GMAP
1) I guess rent controlled tenants – maybe 2. If look a propshark it list tenants with phone since 1963.
2) owner is Jim McGown….just google and no surprise in foreclosure.
How can we find out the results of the auction?
How can we find out the results of the auction?
Minmin, did he refinance 22 times and pocket the money?
It’s an understatement to say that the building is worth more than the lien.
Looks like he used the house as an ATM.
Also, looking back further, looks like he bought the place in 2000 for about $500,000 in an estate sale. And “assignments” are “assignment of leases and rents” — whatever that means.
Then there are about a million transactions, all with the same owner, and many different banks.
Can anyone explain what is going on?
The owner took out a mortgage for about $300,000 plus an “agreement” in the size of the lien from a bank in Maspeth in 2003. Does anyone know what an “agreement” is?
Sounds like he might have paid $1.3 million for the house in 2003, which sounds right.
Not sure how to guess at the value without knowing if there are tenants with leases, if they are stabilized, how the apartments are set up, and what condition the place is in.