We saw this Streeteasy listing today, advertising a "bank-owned" condo at 200 Rector Place , one of the classic Millstein Battery Park buildings. Bank owned in Battery Park? Really? After seeing this, we had to jump on over to RealtyTrac, which lists foreclosure properties all over the US, including Manhattan, to check out for ourselves exactly what's happening these days over in BPC. We were amazed to find that just this month, there are two scheduled auctions of Battery Park condos (we can't recall anything having ever passed the "pre-foreclosure" stage before) and an additional 8 BPC apartments in the foreclosure pipeline.
The particular bank-owned condo - #25L - is a super cool corner 1 bedroom listed for $490k, which is about $140k or so lower than other apartments listed in the same line. In fact, according to ACRIS records, #25L sold for $550,000 back in Q1 of 2006 (the owner is apparently mortgaged to the hilt) and the condo filed a lien for unpaid common charges last year.
Is the supposed downturn over? We're thinking no...but stay tuned.