Record Set in NYC Foreclosure Auction

Nov 10, 2017

New York City’s housing market saw a new record achieved with the priciest foreclosure auction in Big Apple history.

According to a Bloomberg report, the penthouse Unit 79 in the ultra-luxury high-rise One57 sold for $36 million in a foreclosure auction that attracted five deep-pocketed bidders. The winning buyer declined to be identified and would not respond to requests on future plans for the property.

The former owner of the property were shell companies linked to Kolawole Akanni Aluko, a Nigerian businessman accused by the U.S. of using bribery to secure contracts with his country’s state-owned oil company. The property was acquired for $50.9 million in 2014 and foreclosure proceeding began in January, only to be delayed this summer after a creditor claimed Aluko owed it more than $83 million that went into gasoline and jet fuel expenses. The property was on the market for $39 million until the foreclosure proceedings were allowed to resume.

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Phil Hall

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Nov 10, 2017

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