Upper East Side Penthouse Heads to Auction Nov. 17
Condo owners in New York City should keep property taxes and mortgage payments current to avoid foreclosure.
Updated on Nov. 7, 2026 in Residential
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A foreclosure auction is scheduled for November 17 on Ziel Feldman's triplex penthouse at the Marquand on the Upper East Side, after Bank of America alleged a default on a $19.2 million mortgage. The Feldmans listed the unit for $27.5 million two weeks ago, though a judge ruled in August that they owed $23.2 million plus fees.
Why it matters
For New York City homeowners and buyers in the luxury condo market, the case shows how quickly a high-priced unit can move toward foreclosure when mortgage payments and property taxes go unpaid. The unit was previously listed in 2020 at $39 million without selling, and the new listing price signals how far asking prices have been adjusted.
The triplex covers 6,200 square feet at a listing price of $4,435 per square foot, with 2,600 square feet of outdoor space. The unit was among 40 condominiums HFZ created when it converted the Marquand in 2013.
The players
Ziel Feldman
Developer tied to HFZ, who is named as the defendant in the Bank of America foreclosure suit over the Marquand penthouse.
Bank of America
Major national lender that sued the Feldmans to force a sale of the penthouse after alleged mortgage default.
HFZ
New York City developer that converted the Marquand into 40 condominiums in 2013 and bought the 76 11th Avenue site for $870 million.
The details
According to the lender's lawsuit, the Feldmans allegedly stopped paying monthly property taxes in January 2021 and paused principal-and-interest payments starting June 2022. Bank of America sued in October 2023 to force a sale, and a judge ruled against the Feldmans in August, saying they owed $23.2 million plus fees. The corporate entity tied to Feldman took ownership of the penthouse in 2018, and the couple fought the foreclosure for years before the ruling.
Timeline
2018: A corporate entity tied to Feldman took ownership of the penthouse and the related mortgage dates from this year.
January 2021: The Feldmans allegedly stopped paying monthly property taxes.
June 2022: The Feldmans allegedly paused principal-and-interest payments.
October 2023: Bank of America sued Feldman and his wife to force a sale.
November 17, 2026: The foreclosure auction of the penthouse is scheduled.
The Home Front
The case sits within Manhattan's high-end condo market, where the 2013 HFZ conversion of the Marquand created 40 units now being resold or pursued through lender action. A $27.5 million asking price on a unit once listed at $39 million highlights how luxury listing prices have been revised downward in this segment.
If you own a condo, check that your property tax and mortgage payments are current and that you have a record of every payment, since lapses can escalate quickly into foreclosure. If you are considering buying in a building with a complicated ownership or financing history, consult a licensed real estate attorney and a lender before signing anything.
The takeaway
Keeping property taxes and mortgage payments current is the single most important step for any condo owner, because the Marquand case shows how unpaid balances can grow to millions. Before buying or selling a high-value unit, ask a licensed agent or attorney to confirm the property's tax and lien status.
What happens next
The foreclosure auction of the triplex penthouse is scheduled for November 17, 2026.
Further reading
For more on how luxury condo sales and listings are trending across the city, explore Residential coverage.
Source note: This article includes information reported by The Real Deal New York.
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