A luxury condo at Manhattan’s One57 known as ‘Billionaires Row’ is scheduled for a foreclosure auction (which may well become the biggest in New York City residential history), following a mortgage default.
The full-floor 6,240 square foot penthouse is owned through a shell company listed in public records as One57 79 Inc., was bought in December 2014 for $50.9 million. In September 2015, the company took out a $35.3 million mortgage from Luxembourg based lender Banque Havilland SA.
Bloomberg is now reporting that the full payment of the loan was due one year later, but the borrower failed to repay, and now the bank is forcing a sale to recoup the funds, plus interest.
One57 still holds the record for the most-expensive residential sale in New York, at $100.5 million.
