Real Estate

Hundreds Of Small Residential Buildings In Our Area On Tomorrow’s Tax Lien Sale List

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Photo: Ditmas Park Corner

The legal right to as many as 660 single family and small residential buildings in our area may be sold at the City’s tax lien sale tomorrow, May 12th.

The Center for New York City Neighborhoods (CNYCN) reported that — as of May 2nd — over 1,000 buildings in our area were on the 10-day sale list, targeted by the City for unpaid taxes and water bills, and sixty-five percent of them (668) are 1 to 4 family homes, condos and co-ops.

The City’s Department of Finance sells tax liens [the legal right to a property until a debt on that property has been discharged]  on buildings if owners have not responded to at least four notices or entered into some sort of a payment plan.

The liens are sold to third-party collection agencies, who “can add fees and high interest of up to 18 percent, compounded daily,” the CNYCN said. And this can place a homeowner at greater risk of foreclosure because of “mounting debt.”

Over 7,000 1 to 4 family buildings are on the 10-day sale list across the five boroughs, the CNYCN reported. Almost half of those buildings — 42 percent — are in Brooklyn. Thousands of households — including several hundred in our area — have gotten off the City’s tax lien sale list in recent weeks by entering into a payment agreement or securing some sort of an exemption.

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This screenshot of a map produced by CNYCN shows the intense concentration of small residential buildings on the City’s 10-day tax lien sale list in South Brooklyn and South Queens. There are similar concentrations in northern sections of Staten Island and the Bronx.

Read here for more information from the City, and here for more information from the Center for New York City Neighborhoods, about tax liens.

                                Buildings On City’s 10-Day Sale List          1-4 Family Buildings

Council District 39 (Brad Lander):                  231                                              127

Council District 40 (Mathieu Eugene):           182                                              117

Council District 44 (David Greenfield):           289                                             186

Council District 45 (Jumaane Williams):         332                                             238

TOTAL                                                               1,034                                            668                                                             

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4 COMMENTS

  1. If you were able to buy them you’d know. Very sad to see one of my nicest neighbours on this list.

  2. Hi Junkyard Willie- I am still trying to find out if there was a sale at a physical location this week, or if it was all done on-line. The City’s Department of Finance administers the sale.

  3. From what I could learn on Google, probably not the best fact finding source, the city sells the liens in bulk to “registered investors/companies”. There is some sort of certificate that you need although the forum talks that I pulled this info from were from 2009 or earlier and none of them seemed very informed so I don’t know. I wasn’t able to find any source on a NYC website about a location for a sale so my guess is that it is somehow sold off in bulk rather than auctioned. But if you find out otherwise its good info to know.

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