Bankruptcy Auction! Chelsea Penthouse

Description

This property is being sold to the highest bidder at or above the current bid price of $1,470,000, subject to US Bankruptcy Court approval.  If you are interested in submitting a higher and better bid, please contact us for more details.

Penthouse A is a full floor modern loft-like space, located in a boutique style building in the heart of fashionable Chelsea. This sleek 1 bedroom 1.5 bath condo has unique features such as floor-to-ceiling windows, a grand living room with a fireplace, and an elevator opening directly into the unit. This apartment truly distinguishes itself by a super-sized private terrace, ideal for entertaining guests and personal relaxation. 

The 11-story building was designed by Cetra/Ruddy and has 10 condominium units. It is located between Seventh Avenue and the Avenue of the Americas in Chelsea right near the Flatiron district. 

Final sale subject to bankruptcy court approval.

The Board of Managers of Soma Condominium (“Soma Board”) has filed a response to the bankruptcy trustee’s sale motion asking that the sale be conditioned upon acknowledgment of certain provisions of the Soma Condominium By-Laws.

 The By-Laws of Soma Condominium provide that (copies of which are available upon request):

  • ·         Any unit owner that wishes to sell a residential unit must provide notice to the Board of the potential sale, which notice must contain such information as the Board may reasonably require and a fully executed copy of the proposed contract of sale. 

The By-Laws also include a copy of the Soma Board’s Purchase Application (a copy of which are available upon request): 

The By-Laws of Soma Condominium also provide that:

  • ·         At closing, all unit purchasers shall pay a sum equal to three (3) months common charges for that unit, which payment of said sum shall constitute a contribution to the condominium’s working capital. Said payment shall be by bank cashiers or certified check.  The Soma Board have stated that the amount required is $3,531.06.

The By-Laws also require that any contract to sell la unit in the Condominium contain the following language:

THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER ARE HEREBY MADE EXPRESSLY SUBJECT TO THE RIGHTS, IF ANY, OF THE BOARD OF MANAGERS OF SOMA CONDOMINIUM WITH RESPECT TO THE TRANSACTION EMBODIED HEREIN PURSUANT TO THE PROVISIONS OF ARTICLE XI OF THE BYLAWS OF SAID CONDOMINIUM, AS THE SAME MAY HAVE BEEN AMENDED.


Documents

Auction Information

Property Information

* Requires confirmation of Online Agreement

Terms & Conditions

  • Buyers Premium: NA
  • Closing: Sold in As-Is condition, no contingencies.
  • Deposit Amount: 10% Deposit. DEPOSIT MUST BE IN THE FORM OF A BANK CHECK and made out to “Donald F. King, Trustee, as Escrow Agent”
  • Broker Co-op: 2% of the high bid will be paid to a properly registered broker at settlement.

Inspection

By Appointment Only

  • Buyers Premium: NA
  • Closing: Sold in As-Is condition, no contingencies.
  • Deposit Amount: 10% Deposit. DEPOSIT MUST BE IN THE FORM OF A BANK CHECK and made out to “Donald F. King, Trustee, as Escrow Agent”
  • Broker Co-op: 2% of the high bid will be paid to a properly registered broker at settlement.

By Appointment Only

Auction Info:

  • Sold
  • Property Type
    Residential
  • Property Location
    116 West 22nd Street
    PHA
    New York, NY 10011
  • Auction Location
    US Bankruptcy Court
    Courtroom III 3rd Floor
    200 South Washington Street
    Alexandria, Virginia 22314

Property Map



Auction Contact(s):

Oren Klein

  • Email Oren
  • W: (212) 375-1222 x703
    F: (212) 202-6267

Jeremy Sandel