Second One 57 foreclosure on Billionaire’s Row sets a new record

This might be the city's biggest residential foreclosure of all time

In less than a month's time, another one of One 57's ultra-luxury, ultra-pricey condos has entered into foreclosure. The first time around, it was a four-bedroom, four and a half bath on the Extell-developed building's 56th floor to hit the auction block after the owners defaulted on a $20.9 million loan. This time, it's an even pricier apartment.

According to Bloomberg, owners of Apartment 79, a full-floor penthouse spanning 6,240 square feet, have defaulted on the mortgage for the apartment that was purchased for $50.9 million in 2015. The owners, who have disguised themselves behind an LLC, took out a $35.3 million loan from a Luxemburg-based bank to purchase the pad but failed to repay it in full after a year. The bank is now forcing a sale in an effort to recover the funds plus interest.

The apartment happened to be the One 57's eighth priciest condo to sell but it is now likely to claim first place as the city's biggest residential foreclosure ever seen. "I don't know of a foreclosure that's larger than that," said Olshan Realty Inc. president Donna Olshan in a statement to Bloomberg.

• A Second, Even Bigger Foreclosure Reaches NYC Billionaires' Row [Bloomberg]
• One 57 becomes home to Billionaire's Row's first foreclosure [Curbed]
• All One 57 coverage [Curbed]